VTB Group announces the acquisition of a20% stake in Metalloinvest Holding Company
29 December 2011
VTB Group has acquired a 20% stake in Metalloinvest, a leading iron ore producer globally focused on high value-added products.
VTB Group's application was ranked top in the competitive process for the sale of the 20% stake in Metalloinvest that was facilitated by LLC Deutsche Bank.
“We are optimistic about Metalloinvest’s global iron ore market prospects.” Yuri Soloviev, First Deputy President, Chairman of the Management Board The transaction was carried out by VTB Capital in line with the company’s strategy of developing its Private Equity business and enhancing cooperation with private investors. VTB Capital, VTB Group’s investment business, has extensive experience in implementing similar projects and of participation in similar landmark deals.
Yuri Soloviev, First Deputy President and Chairman of the Management Board at VTB Bank, and Chairman of VTB Capital holding companies Board of Directors, said: "We are optimistic about Metalloinvest’s global iron ore market prospects. Cost control and production growth, supported by a diversified customer base, has delivered steady growth in the company’s key financial indicators. We hope that our participation will give a new investment impetus to Metalloinvest’s further development."
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