Renaissance Group in Acquisition by Onexim Group
September 29, 2008
Cleary Gottlieb represented the Renaissance Group in the acquisition by Onexim Group of close to 50% of the Renaissance Capital investment bank through the issue of new shares. The deal is subject to the receipt of all necessary consents, but the subscription monies for the shares are being paid in advance. Under the terms of the deal, Renaissance Group will retain a majority of the voting rights in Renaissance Capital and will continue to control the business.
Renaissance Capital is one of the leading investment banks in the CIS, Central Asia and sub-Saharan Africa. It is part of the Renaissance Group, which consists of investment banking, asset management, merchant banking and consumer finance divisions.
Onexim Group is one of Russia's largest private investment funds, with more than $25 billion in assets.