CTC Media Inc.expects its cash-out merger transaction to close by mid-May.

CTC Media said April 29 that the deal will close once it receivesa pending tax refund from the Internal Revenue Service of the U.S. The company expectsconsideration of its merger to be $2.05 per share, with the total amount availablefor distribution to be $239 million.

The Office of Foreign Assets Control of the U.S. Treasury Departmentin March authorized thecompany to proceed with the merger.