East-West Digital News
Goldman Sachs announced on Tuesday that it has pulled out of a role as lead bank on an initial public offering by Megafon, one of Russia’s top mobile operators, scheduled for Nov. 1 simultaneously on the London and Moscow stock exchanges.
According to the Financial Times, the Goldman’s decision followed recent statements by Megafon’s main shareholder, Russian oligarch Alisher Usmanov, who intends to merge his assets – from Megafon to steel giant Metalloinvest to the Arsenal Football Club – under a single holding with his two partners Farhad Moshiri and Vladimir Skoch.
Goldman was concerned that it would be working on an IPO where the company’s controlling shareholder was undergoing a restructuring, the Financial Times wrote, citing “people familiar with the matter.”
Morgan Stanley and Sberbank CIB are joint coordinators on the IPO, with Citi, Crédit Suisse and VTB joint bookrunners.
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