MegaFon in Acquisition of 49.999% Interest in Glanbury Investments

Cleary Gottlieb represented PJSC MegaFon, a leading Russian telecommunications operator, in acquisition of 49.999% interest in Glanbury Investments Ltd, the owner of class A office building with the gross leasable area of approximately 115,000 sq.m in the center of Moscow. MegaFon has entered into a joint venture agreement for the operation of the building with a subsidiary of PJSC Sberbank. MegaFon will pay approximately $282 million for its stake and intends to use the building as its new corporate headquarters. Its lease of the building allows MegaFon to move to a single location up to 4,000 people who currently occupy six separate premises in various parts of Moscow.