Hogan Lovells Successfully Advises RBC On 51% Shares sale To ONEXIM Group
16 June 2010
Moscow, 16 June 2010 - Hogan Lovells has successfully advised the shareholders of RBC Group (RBC), the leading Russian business news provider, which controls a news agency, a major business news TV channel RBC-TV, various electronic and printed publications, including RBC Daily, and an on-line news portal, on a sale of 51.1% of the share capital of ZAO RBC-TV Moscow ("Company") to ONEXIM Group (ONEXIM), a private investment fund of Russian businessman Mikhail Prokhorov, for USD80m.
On 4 June 2010 ONEXIM completed subscription for 51.1% of the share capital of the Company. The proceeds from the transaction will be used for restructuring of the Company's debt and financing of its on-going operations as well as for funding the Company’s further development.
ONEXIM’s representatives will gain the majority in the Company’s Board of Directors, while the operational management of the Company will remain in the hands of the current management team.
The transaction became a result of extensive negotiations which started in March 2009 and included discussions between the Company and its creditors on terms of debt restructuring. Hogan Lovells' lawyers advised the shareholders of RBC on structuring and negotiating the Shareholders' Agreement between the shareholders of RBC and ONEXIM as well as other transaction documents.
Hogan Lovells partner Oxana Balayan led the transaction, assisted by Boris Arkhipov, senior associate. ONEXIM was represented by Herbert Smith on this transaction.
Oxana Balayan comments:
"It has been a pleasure for us working with the shareholders of RBC on this high-profile transaction, which provides RBC with an opportunity to overcome temporary financial difficulties and continue strategic development of its business. Our combined firm has strong historic links with ONEXIM Group and we look forward to developing our relationship with the joint vehicle of these clients."
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