The famous Russian oligarch quickly sells the business

Billionaire Prokhorov gets rid of assets in Russia

Billionaire Mikhail Prokhorov, who is 12-th place in the list of Russia’s richest men according to Forbes, continues to get rid of assets in Russia.

Owned by Prokhorov Dimosenco Holdings sold a stake in aluminum giant RUSAL to the structures of Viktor Vekselberg and Leonard Blavatnik, reported TASS with reference to information published by the Hong Kong stock exchange.

Of the 13.7% stake Prokhorov, Vekselberg and Blavatnik received 7%, paying 503,9 million dollars. The transaction was with a 40 percent discount to the market price.

Still to 3.32% in the “RUSAL” for 240 million dollars, Prokhorov sold on the stock exchange in February.

The fact that the transaction was at a significant discount suggests that the remaining Prokhorov package (6,7%), will likely be sold, says the Director of “Renaissance capital” on electric power, metallurgy and fertilizer Vladimir Sklyar.

In June, we will remind, Prokhorov has sold a controlling stake in media holding RBK Grigory Berezkin. Last summer he got rid of Russia’s main asset 20% of shares of “Uralkali”, which for a $ 1.6 billion bought “URALCHEM” Dmitry Mazepin.
In August of the same year, negotiations began on the sale of investment Bank “Renaissance capital” Chinese Fosun International.

Getting rid of more of the shares of Rusal, Prokhorov will formally become an American billionaire and not a Russian: his main assets are concentrated in Brooklyn and the surrounding area. There Prokhorov owns the Nets basketball club and sports arena Barclays Center; in addition, his companies have lease contracts of several sports and entertainment venues.

According to the Bloomberg billionaires index, the value of the assets of Prokhorov in new York is $ 2.2 billion. The value of Russian assets after a deal with Blavatnik and Vekselberg will drop to $ 1.6 billion.

For the sale of property in Russia, Prokhorov was inspired by the searches in the office of his ONEXIM group held on 14 April last year.

Shortly after the visit of employees of FSB Prokhorov changed the management of RBC and began bargaining activity to find buyers for their shares.

As reported by “Vedomosti”, the billionaire decided to get rid of the business completely.

“Prokhorov — a man who was always in the mainstream, and to some extent he is a man of the nomenklatura of Putin, told Bloomberg Gleb Pavlovsky, a former Kremlin political consultant. And he has delivered many benefits from relationships with the government. But the country’s growing uncertainty, and it is not an element of Prokhorov.”

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