Global law firm White & Case LLP has advised Nordic telecoms operator Telia Company on the US$1 billion sale of its approximately 19 percent holding in MegaFon, a leading federal mobile telecoms operator in Russia, to Gazprombank, the third largest bank in Russia.

The transaction represents Telia Company's sale of its remaining stake in MegaFon at a price of RUB 514 (US$ 8.86) per share, raising gross proceeds of RUB 60.4 billion (approximately US$1.03 billion).

The White & Case team which advised on the transaction was led by partner Eric Michailov (London & Moscow) and included partners Jonathan Langley (London), Irina Dmitrieva (Moscow) and Richard Burke (Washington, DC), local partner Anastasia Putilova (Moscow) and counsel Genevra Forwood (Brussels).