Akin Gump Advises Renova on the Historic Sale of AAR’s $28 Billion Stake in TNK-BP to Rosneft
(Moscow, Russian Federation) – Akin Gump Strauss Hauer & Feld LLP is advising longstanding client Renova, a leading private business group, as a member of the Alfa-Access-Renova (AAR) consortium, in relation to the sale of AAR’s stake in TNK-BP to Rosneft for an all-cash consideration of $28 billion.
The landmark deal, which signed on December 12, 2012, represents the largest-ever corporate transaction in the history of modern Russia. The transaction is subject to regulatory and governmental approvals and is expected to close in Q1 2013.
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 Akin Gump team advising Renova in relation to corporate and other aspects of the transaction is led by Moscow corporate and tax partner Ilya Rybalkin as well as London corporate partner Steven Blakeley.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 850 lawyers and advisors in the United States, Europe, Asia and the Middle East.