International BusinessFacebook receives $200 mn investment from Russian firm
Social networking site Facebook has received a $200 million investment from Digital Sky Technologies, an internet investment group, in exchange for a 1.96 per cent stake in the company.
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Digital Sky Technologies (DST), which has significant stake in Eastern European and Russian internet businesses, has picked up 1.96 per cent in Facebook, valuing the enterprise at $10 billion, the company said in a statement.
In addition, DST has indicated plans for an offer to buy at least $100 million of Facebook shares from existing shareholders to facilitate liquidity for current and former employees" vested shares in the company.
However, consistent with Facebook"s practice with other recent investors, DST would not be represented on the Facebook board or hold special observer rights, the statement added.
"This investment demonstrates Facebook"s ongoing success at creating a global network for people to share and connect," Facebook CEO Mark Zuckerberg said.
"A number of firms approached us, but DST stood out because of the global perspective they bring-– backed up by the impressive growth and financial achievements of their internet investments," Zuckerberg added.
DST"s main assets account for over 70 per cent of all page views in Russian-speaking internet and its social networks are market leaders in more than 13 countries.