Mobile Content Russia

Bermuda fund IPOC and Alpha Group came to an agreement to withdraw counter-claims concerning rights of possession for 25% of Megafon shares, the third largest mobile operator in Russia. Four-year conflict resulted in $20 mln legal fees for the both parties and Alpha Group kept the shares. Megafon was founded in 2002. 35,6% of its shares are owned by TeliaSonera, 25% plus one share by Alpha Group, 8% by IPOC and 31,3% by Telecominvest holding. In the first half of 2007 Megafon reached 14,39 bln. rubles (approximately $570 mln.) of net profit and revenue 63,6 bln. rubles (approximately $2,554 bln).