tg-me.com/FBME_OSA/33
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![](https://photo.tg-me.com/u/cdn4.cdn-telegram.org/file/SUK6Oq57J6Z4bjwcadbzIGoCTA20Ec_Mjo_Ho8RpJZmf78sBOzDvouDX0NwC2uGLLeWI1hqs9BLG3ceCoc8V6d_sxNZeHT6qeRBIBmN3E33YXxPNfC0rD68lshZPso3WLh2sW_svsfTwA9LlafcroXbiV2L-11efxzsbMC0C02PDGMVuV7VokukTl0FmnVIhSD8iIJMvVVPrx4gAAjZTmErk9Vb-4qYeto2Lq1B2a4ph_SttRzLlD_S95llQnYx9_APx2a3w7Vs4g_zA4Y09Ecqiv5RBEUtKS-P9HMlz6O6HR0z_HgthyQkwroUcNMMwctzIHLkn4bjqj7bAfWf0pw.jpg)
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tg-me.com/FBME_OSA/33
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Mr. Durov launched Telegram in late 2013 with his brother, Nikolai, just months before he was pushed out of VK, the Russian social-media platform he founded. Mr. Durov pitched his new app—funded with the proceeds from the VK sale—less as a business than as a way for people to send messages while avoiding government surveillance and censorship.
That strategy is the acquisition of a value-priced company by a growth company. Using the growth company's higher-priced stock for the acquisition can produce outsized revenue and earnings growth. Even better is the use of cash, particularly in a growth period when financial aggressiveness is accepted and even positively viewed.he key public rationale behind this strategy is synergy - the 1+1=3 view. In many cases, synergy does occur and is valuable. However, in other cases, particularly as the strategy gains popularity, it doesn't. Joining two different organizations, workforces and cultures is a challenge. Simply putting two separate organizations together necessarily creates disruptions and conflicts that can undermine both operations.
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