Mail.ru buys remaining 48.01 percent of Vkontakte from UCP for $1.47 billion, litigation withdrawn

Mail.ru Group Limited has acquired the remaining 48.01 percent of VK.Com Limited (VK), which owns Vkontakte, Russia's biggest social networking sites, the company said in a statement.

Mail.ru Group Limited has acquired the remaining 48.01 percent of VK.Com Limited (VK), which owns Vkontakte, Russia's biggest social networking sites, the company said in a statement.

The shares were acquired on September 16 from Blesmir Development Limited and Palagon Limited.

As a result Mail.ru now has a 100 percent economic interest in VK.

Accordingly, Mail.ru will now fully consolidate VK.

The acquisition of the 48.01 percent is an all cash deal for a total consideration of $1.47 billion.

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