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$16bn Russian fund looks for apps companies

Russian billionaire Mikhail Fridman and his partners are creating a $16bn fund to invest in tech and telecom companies in the US and Europe. LetterOne Technology plans to buy struggling telecom companies that require fresh capital, or technology companies that make apps or streaming services that could be used by its global mobile operations. The fund will also act as a holding company for the group's 48% stake in VimpelCom and 13% stake in Turkcell.