Russia, Mubadala Invest in Telegram After Kremlin Ban Failed - Bloomberg
Abu Dhabi‘s Mubadala Investment Co. said the Russian Direct Investment Fund participated in its deal to buy convertible bonds of Telegram, even as the fiercely independent messaging app said it doesn’t want the Kremlin-controlled entity as an investor.
RDIF “participated in a minority capacity” through “the Russia-UAE joint investment platform,” Mubadala said in a statement Wednesday, noting they’ve made similar deals together in the past. The bonds give investors the right to convert them into equity when the company goes public at a discount to the initial offering price.
Telegram spokesman Mike Ravdonikas said that while RDIF hadn’t participated in the original sale, the state-controlled fund “appears to have bought a small quantity of Telegram bonds on the secondary market” in a separate deal over which the company had no control.
“Given that the rights of the bondholders are limited and bonds do not give the power to influence the values or the strategy of the company, we generally do not consider transactions in Telegram bonds on the secondary market an issue,” he said.
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