Appleby acts as counsel on Euroset mobile phone deal

Appleby has acted British Virgin Islands (BVI) counsel to Garsdale Services Investment and USM Advisors in connection with the recent acquisition by MegaFon of its indirect 50 per cent stake in Euroset, Russia’s largest mobile phone retailer.

The transaction saw Lefbord Investments, a Cypriot company, acquire the 50 per cent stake in Euroset. Lefbord is jointly owned by MegaFon, Russia’s second-largest mobile phone operator, and Garsdale, a BVI holding vehicle owned by Russian billionaire Alisher Usmanov and MegaFon’s majority shareholder.

Under the deal, Vimplecom, Russia’s third-largest mobile phone operator, also acquired a 0.1 per cent stake in Euroset, taking its overall shareholding in the company to 50 per cent.

The Appleby team was lead by Nick Verardi, practice group head for the Corporate & Commercial department in Appleby’s Isle of Man office, together with senior associate Kyle Sutherland, who provided the necessary BVI legal advice to Garsdale and USM Advisors on the transaction. The Moscow office of Akin Gump Strauss Hauer & Feld took the lead role in advising Garsdale.

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