Top Law Firm Trio Leads as Abramovich Sells Major Stake in Gold Mining Business
A group of shareholders of the Highland Gold mining company, including Chelsea Football Club owner Roman Abramovich, are selling a combined 40% stake in the business.
July 31, 2020 at 07:31 AM
2 minute read
Roman Abramovich, Credit: Wikicommons
Skadden, Arps, Slate, Meagher & Flom, Herbert Smith Freehills and Weil, Gotshal & Manges have won mandates as Russian billionaire Roman Abramovich offloads a 40% stake in gold producer Highland Gold to a Russian holdings company.
Chelsea Football Club owner Abramovich is among a group of shareholders selling the stake in Jersey-headquartered Highland Gold to Fortiana, a Cyprus-registered company owned by Russian businessman Vladislav Sviblov.
Fortiana has agreed to acquire over 145 million of Highland Gold shares for £437 million – which represents 40% of the issued share capital of Highland Gold, according to the cash offer document.
Weil Gotshal is acting for Highland Gold, with corporate partner David Avery-Gee leading the firm's team, according to a person at the firm.
Skadden is leading for the purchaser, Fortiana, with a team led by London corporate partner Scott Hopkins, Moscow corporate partner Dmitri Kovalenko, and London banking partner Clive Wells, according to a statement by the firm.
Meanwhile, Herbert Smith Freehills is advising VTB, the financial adviser and lender to Fortiana. The team is being led by London corporate partner Mark Bardell, infrastructure M&A Heather Culshaw and finance partner Nick May, according to a statement by the firm.
The terms of the offer value Highland Gold's entire issued and to be issued share capital at approximately £1 billion, according to the cash offer document.
This is the latest takeover in the mining industry this year. In January, Linklaters and Allen & Overy won mandates on a proposed takeover by mining giant Anglo American of listed U.K. mining company Sirius Minerals.
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