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Harneys advises on $1.2 billion Euroset transaction

11 December 2012

Harneys has acted as BVI and Cyprus law counsel on the sale and purchase of 50.1% of the shares in Euroset, Russia’s largest mobile communications retailers, in a $1.2 billion sale transaction which closed on Thursday 6 December 2012.

Euroset, which operates over 5,000 stores, is owned by prominent Russian businessman Alexander Mamut. He sold 50.1% of shares in Euroset: 50% to MegaFon (one of the biggest mobile operators in Russia) and USM Advisers, both controlled by tycoon Alisher Usmanov; and 0.1% to VimpelCom, Russia's third largest mobile operator.

Harneys fielded a strong team across multiple practice areas and offices on the transaction, with the BVI team comprising partner Colin Riegels and senior associate Simon Hudd and the Cyprus team comprising partner Emily Yiolitis, senior associate Margarita Hadjitofi and associate Sonia Hamshaw. Harneys' BVI and Cyprus law teams were coordinated and supported by Mann Vergan, Harneys' permanent representative in Russia and CEE.