Mail.Ru Boosts Stake in Russia's Largest Social Network to 52%

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Via WSJ: http://online.wsj.com/news/articles/SB10001424052702304747404579446634205590924

MOSCOW—Russian Internet company Mail.Ru MAIL.LN +4.28% Group said Tuesday it has bought 11.99% of the country's most popular social network VKontakte, boosting its stake to around 52%.

Mail.Ru has thus purchased the stake that had briefly belonged to the chief executive of Russia's second-largest mobile operator MegaFon, Ivan Tavrin, the statement said.
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Mail.Ru and MegaFon shareholder Alisher Usmanov (C) attends a soccer match between Arsenal, the London football club in which he is also a shareholder, and German rival Bayern Munich in London last month. Agence France-Presse/Getty Images

The move officially cements control over VKontakte by Russia's richest man and Kremlin loyalist Alisher Usmanov, who is a major shareholder in both Mail.Ru and MegaFon.

With the Kremlin tightening regulation of the Internet over the past few years, the fate of VKontakte has been closely watched.

The stake that was purchased by Mail.Ru had until January belonged to the social network's founder Pavel Durov, who sold it to Mr. Tavrin as part of an effort to reduce his material possessions.

More at link.