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The shares were purchased from offshore firms Blesmir Development Ltd. and Palagon Ltd., controlled by UCP. The deal was closed on Tuesday, and the payment was done in cash, including a 22.2 billion ruble loan taken out from Gazprombank for four years under 11.5% annually.
Considering the amount of Mail.Ru Group’s first investment in VKontakte in 2007, the value of consolidation of 100% stood at $2.07 billion.
In its turn, UCP accused Durov of depleting VKontakte’s resources for the development of his own project, messenger Telegram. Durov’s powers as the head of the social network expired in April.
VKontakte’s revenue increased 14% in 2013 to 3.8 billion rubles.