The largest corporate transaction in modern Russian history
An Akin Gump team is advising longstanding client Renova, a leading private business group and a member of the Alfa-Access-Renova (AAR) consortium, in the largest-ever corporate transaction in the history of modern Russia. The sale of AAR’s stake in TNK-BP to Rosneft for an all-cash consideration of $28 billion was announced on December 12, 2012. This transaction positions Rosneft to become the world’s largest publicly traded oil producer, and underscores Russia’s presence in the global oil and gas industry.
Akin Gump also represented Renova in several recent international arbitration proceedings related to the TNK-BP joint venture, resolved amicably by all parties as a prologue to this deal.
The transaction is subject to regulatory and governmental approvals and is expected to close in the first half of 2013.
