Press Release
| November 5, 2009
Dewey & LeBoeuf Advises on Russian Bank Investment
(Moscow, London, November 5, 2009) - Dewey & LeBoeuf advised private equity fund Russia Partners on its acquisition of a 3.3 percent stake in MDM Bank, one of Russia's largest privately owned banks. The transaction was announced today.
Russia Partners acquired its shares from SM Group, a Russian investment group. The purchase price was not disclosed. MDM Bank is the product of a recent merger between Moscow-based MDM Bank and Siberia-based Ursa Bank. Independent analysts have valued the merged bank at about $3 billion to $4 billion, or 1.5 to 2 times book value.
Russia Partners, a $600 million investment fund, is managed by Siguler Guff, a New York investment firm with approximately $8 billion of assets under management.
The Dewey & LeBoeuf team was led by London-based Partner Brian Zimbler, Moscow Partner Vasilisa Strizh and Senior Associate Amy Comer.
Brian Zimbler commented, "Russia Partners is a longstanding client and one of the most experienced private equity funds in the Russian market. We are pleased to have assisted with its investment in one of the best-run privately owned banks in Russia."
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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