White & Case Advises Qatar Holding on Investment into VTB
Global law firm White & Case LLP has represented Qatar Holding LLC in its $500 million equity investment in JSC VTB Bank (VTB) through Qatar Holding's participation in VTB's secondary public offering. The transaction is Qatar Holding's first investment into Russia.
The offering has increased VTB Bank's Tier 1 capital ratio and total capital ratio as of December 31, 2012 to approximately 11.9 percent and 16.3 percent, respectively. The offering is a direct result of the Russian Government's stated policy of seeking to privatize a number of key state entities over the next several years, and led to a dilution of the Russian Government's ownership stake from 75.5 percent to 60.93 percent.
Qatar Holding, a wholly owned subsidiary of Qatar Investment Authority, is a global investment institution and a preferred partner of choice for investors, financiers and other stakeholders. Key investments of Qatar Holding include Agricultural Bank of China, Barclays plc, Canary Wharf Group (via Songbird Estates), Costa Smeralda resorts, Credit Suisse Group, Harrods Group, Hassad Food Company, Iberdrola SA, J Sainsbury plc, London Stock Exchange, Lagardere, Porsche, Qatar Exchange, Qatar Telecom, Qatar National Bank, Santander Brasil and Volkswagen AG.
VTB is the second largest bank in Russia in terms of all major indicators.
Citigroup and VTB Capital acted as Joint Global Coordinators and Joint Bookrunners, Bank of America Merrill Lynch and J.P. Morgan acted as Joint Lead Managers in connection with the Offering. Qatar Holding's financial advisors were UBS.
The White & Case team was led by partners Eric Michailov (Moscow and London) and Michiel Visser (Doha), with assistance from partners Michael Doran (London), David Barwise (Singapore), Irina Dmitrieva (Moscow), counsels Harvey Nugent and Dmitry Lapshin (Moscow) and Ingrid York (London) and associates Richard Pogrel and James Clarke (London), Charbel Abou Charaf (Doha), Anton Kudachkin, Dmitry Donov, Maria Puzrakova and Julia Borisova (Moscow) and additional support from associates in Moscow, London and New York. Regulatory advice was provided by White & Case lawyers in Abu Dhabi, Beijing, Brussels, Hamburg, Hong Kong, London, Milan, New York and Paris.
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