The government Commission has authorized the holding company of Usmanov and Tavrina to buy the assets of CTC Media

Moscow. December 15. A government Commission on foreign investment meeting which was held last Friday, approved the petition “UTV-Management”, which is part of UTH Russia holding of Alisher Usmanov and Ivan Tavrina, about buying “CTC investments”.

In the “CTC investments” allocated to the operating business of the holding CTC Media. “UTV-Management” buys 75% of the company, told journalists the head of Department of control over foreign investments of FAS Armen Hanyang

Earlier it was reported that CTC Media has appointed a shareholders ‘ meeting for approval of the transaction by holding UTH Russia Alisher Usmanov and Ivan Tavrina on 17 December 2015. The meeting will be held in the London office of law firm Morgan, Lewis & Bockius.

It will be able to take part owners of the shares of CTC Media as of 16 November, for a quorum of a simple majority of votes. For decision will require the support of the majority of shareholders.

Cyprus Telcrest Investments Ltd., owns 25% stake in the media holding, will not be able to vote, if you remain under sanctions by the U.S. on the date of the shareholders ‘ meeting. Owned shares of CTC Media (25%), however, included in the calculation of the total number of votes.

If the deal is approved by shareholders of CTC Media, “UTV-Management”, a part of UTH Russia holding, to December 21, will acquire 75% “CTC investments”, which highlighted the operational business of CTC Media.

The deal will cost a maximum of $200,5 million, the Buyer will pay $150,5 million, and the remaining $50 million will keep up to 1 February 2016 until estimated cash flows of CTC Media from operating and investment activities in the second half of 2015. If their size will be less than that provided by agreement of the parties, “UTV-Management” can reduce the size of the second tranche. The final price will also be adjusted for payments of CTC Media on reparation and compensation to third parties.