Akin Gump Advises AF Telecom in Relation to MegaFon’s $8.5 Billion Restructuring

(London, UK) - International law firm Akin Gump Strauss Hauer & Feld LLP has advised AF Telecom in relation to a shareholder restructuring of Russian mobile phone operator OJSC MegaFon with an aggregate deal value of approx. $8.5 billion. The transaction closed today, April 24, 2012.

The transaction involves AF Telecom increasing its interest in Megafon, Russia’s second-largest mobile-phone operator, Altimo selling its 25.1 percent interest in the company, and TeliaSonera reducing its 43.8 percent interest to 35.6 percent.

As part of the transaction, MegaFon is also paying TeliaSonera, AF Telecom and Altimo $5.15 billion in dividends.

Artem Faekov, corporate partner leading the transaction, commented: “This has been a highly complex transaction. Akin Gump is delighted to have worked so closely alongside its clients to reach the outcome that they wanted and to the satisfaction of all parties.”

This deal also confirms Akin Gump’s position as the leading law firm in Russian telecoms.

The Akin Gump team is led by London corporate partner Artem Faekov with Moscow corporate partners Alexey Kondratchik and Vladimir Kouznetsov.  They were supported by Moscow corporate counsel Svetlana Volevich, Anthony Walker and Kyle Davis, Moscow corporate associates Anna Semashko, Olga Khrabrova and Varvara Puzyrkova and London corporate associate David Sewell as well as Moscow real estate associate Dmitry Maltsev and senior tax advisor Vadim Kukushkin. Geneva corporate counsel Oliver Ciric also advised.

TeliaSonera was advised by White & Case, and Altimo was advised by Skadden, Arps, Slate, Meagher & Flom.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with offices in the United States, Europe, Asia and the Middle East.

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