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Russia’s MegaFon board agrees to buy half of Euroset

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MOSCOW, Sept 10 (Reuters) - The board of Russian mobile phone operator MegaFon, which is preparing a London initial public offering, has approved a plan to buy a stake in cellphone retailer Euroset, business daily Vedomosti reported on Monday.

According to Vedomosti, MegaFon and vehicles of its controlling shareholder Alisher Usmanov will buy a stake of 50 percent from businessman Alexander Mamut who had been looking to sell it since last December.

Vedomosti quoted a source as saying that Euroset, in which MegaFon's rival Vimpelcom has the remaining 50 percent stake, has recently been valued in total at $2.3 billion to $2.4 billion.

Kommersant daily last week said the deal for the 50 percent stake could be worth $1.25-1.35 billion.

MegaFon confirmed the board meeting took place on Friday but declined to comment on the Vedomosti report.

The company last week asked its local regulator for permission to list its shares in London in a long-awaited IPO that could raise as much as $4 billion.

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