Russian tycoon nets $10bn
Russian tycoon Mikhail Prokhorov will accumulate about $10bn in cash by the end of this week when he sells a 50% stake in KM Invest to financial holding Interros, owned by his former business partner Vladimir Potanin.
KM Invest manages the joint assets of Prokhorov's investment vehicle Onexim and Potanin's Interros. Both billionaires, who had been involved in months of wrangling over how to divide their assets, reached an agreement on dividing KM-Invest in mid-April, according to Russian business daily Vedomosti.
KM Invest holds and manages assets worth about $14 billion, including 8% in metals giant Norilsk Nickel, 7.6% in the Polyus gold mining company, 57.8% in Open Investments, 91.1% in Soglasiye insurance company, 100% in diversified media company Prof Media, 25.8% in crude producer Rusia Petroleum, and about 38% in Rosbank.
Under the deal, Prokhorov will buy 27.5% of shares in Open Investments, 91% of shares in Soglasiye insurance company and 100% of shares in Rosbank managing company from KM Invest, the paper said.
The parties have not disclosed the sums involved in the deals. However, an Onexim representative said Prokhorov will pay tax of $700 million for the sale of shares in KM Invest. Prokhorov directly owns KM Invest's stock and will have to pay 13% income tax.
Prokhorov sold 25% in Norilsk Nickel to UC Rusal less than a month ago and received $5bn in addition to 11% in Rusal.
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