There was further evidence of a change in ownership at Russian mobile operator MegaFon this week as the country’s number-two player confirmed it had raised US$2 billion from a group of banks – an apparent precursor to it buying out a key shareholder.

Reuters reports that MegaFon will borrow the money for six months from Citibank, BNP Paribas and Barclays, with an option to extend the loan by another six months. It did not specify the purpose of the loan, but the move follows reports that the Russian number-two player is seeking funds to buy back a 25.1 percent stake owned by Altimo, part of oligarch Mikhail Fridman's Alfa Group.

The stake is valued at about US$5 billion; MegaFon has an existing US$1.5 billion in net cash on its balance sheet, which will be boosted by the bank loans.

Sources familiar with the matter say billionaire Alisher Usmanov, who controls AF Telecom – a 31 percent shareholder in MegaFon – is interested in securing majority control. It is thought that the most cost-effective way for Usmanov to do this would be for MegaFon to buy Fridman's stake.

MegaFon’s largest shareholder currently (44 percent) is Nordic-based operator group TeliaSonera, which last week confirmed it is in talks with AF Telecom and Altimo over the future ownership structure of the firm.

In a statement, the company said that “these discussions have so far not led to any agreement, but if and when an agreement is reached, TeliaSonera will present information in accordance with the relevant stock exchange rules.”