EBRD Advised By White & Case on its Largest Russian Equity Deal to Date
Moscow, London,
June 8, 2007 ... White & Case represented the European Bank for Reconstruction and Development (EBRD) in the acquisition of a 10 percent stake in RESO-Garantia, Russia's third largest retail insurer, for the equivalent of at least $150 million. In addition to being the bank's largest equity deal in Russia, this transaction is also EBRD's largest investment in the insurance sector to date.
EBRD's acquisition is part of a strategy to help prepare RESO-Garantia for an Initial Public Offering, and the final size of the investment will be subject to further adjustments and the price achieved by RESO-Garantia in its offering.
"This deal will allow our client, EBRD, to broaden its investment portfolio with a valuable asset, while making a solid contribution to Russia's insurance sector," said Marc Polonsky, the partner who led the White & Case team advising on this deal. "It will also help RESO-Garantia to further develop its business," he added.
White & Case has advised the EBRD for more than 15 years on many other important projects across Russia involving several industry sectors, including the $20 billion Sakhalin II (Phase 2) LNG Project, the €190 million project financing of the construction of a wastewater treatment plant in St. Petersburg and the $150 million financing of Russian companies jointly owned by SUAL and RUSAL groups to increase output at the Middle-Timan bauxite mine, situated 250 km south of the Arctic Circle.
The team was led by partners Marc Polonsky and Igor Ostapets in Moscow, and Doug Peel in London.
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