VK sells control of Cyprus-based MGL Wallet for 1 mln euros

MOSCOW. Aug 11 (Interfax) - VK sold its controlling interest in Cyprus-based fintech company MGL Wallet for 1 million euros (118 million rubles at rate on day of control transfer) in July, the Russian Internet group reported.

VK signed a binding agreement to sell MGL Wallet (Cyprus) Ltd in the fourth quarter of 2022. MGL Wallet specializes in online payment solutions for individuals and businesses in the European Economic Area.

VK also said that it has acquired an option to buy 49% of app developer Nota-RTK LLC, a 51% stake in which the group acquired in July. The amount of the payment for the acquired stake depends on the company meeting a number of KPI. The group is in the process of appraising its fair value.

The 49% stake in Nota-RTK is now owned by Nota Media LLC, which is owned by Sergei Adonin.

VK told Interfax earlier that Nota-RTK is a small team of IT developers that the group plans to use in its own projects.

Nota-RTK said on its website that it specializes in app development, server-side development, architecture design and UI/UX mobile apps. One of the company's goals is to develop solutions for the state sector.