BlackRock UK Buys Stake in Moscow Stock Exchange
U.K. fund manager, BlackRock Investment Management (UK) Ltd., has purchased a stake in the Moscow stock exchange as part of a pre-initial public offering investment facilitated by Russia's new state-sponsored private equity fund, officials said Friday.
The number of shares and the value of the purchase weren't disclosed.
BlackRock UK purchased the shares from the Russian Direct Investment Fund, which held a 2.5% stake in the exchange it had obtained earlier this year.
The sale marks the first transaction of the RDIF's pre-IPO co-investment program that it set up in June. The program will have the RDIF, BlackRockUK, Goldman Sachs (GS) and Templeton Asset Management join forces to help Russian companies planning to list in Moscow.
"The world's largest and most respected asset manager joining as a shareholder of the Moscow Exchange is a powerful show of support from the international investment community ahead of the exchange's own IPO," said RDIF Chief Executive Kirill Dmitriev. "We expect this transaction to be the first of many made by the RDIF and our co-investors in promising Russian companies planning an IPO in Moscow."
BlackRock UK is the third firm to invest in Moscow's conjoined MICEX-RTS exchange, joining the European Bank for Reconstruction and Development and the U.S. private equity firm Cartesian Capital. The exchanges were valued at $4.5 billion when they merged in late 2011.
The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley
Crown Castle International Corp. (NYSE: CCI) has agreed to acquire the rights to approximately 7,200 towers from T-Mobile USA Inc., a unit of Deutsche Telekom AG, for $2.4 billion in cash.www.crowncastle.com
The Blackstone Group has agreed to acquire the investment management business of Capital Trust Inc. (NYSE: CT) for $20 million. The unit will be merged into Blackstone's real estate debt strategies business. www.blackstone.com
BlackRock Inc. has acquired a stake in the Moscow Exchange from the Russia Direct Investment Fund, according to Bloomberg. No details on the deal size, except that RDIF holds a 2.7% stake in the exchange. www.blackrock.com