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. Last Updated: 07/27/2016

Potanin, Prokhorov Split Assets

Billionaires Mikhail Prokhorov and Vladimir Potanin said Thursday that they agreed on how to split their assets, with Potanin buying out Prokhorov's share in a jointly controlled firm.

They said in a statement that Potanin's vehicle, Interros, would buy Prokhorov's 50 percent in KM-Invest, which manages their joint assets and is valued at $11 billion to $14.7 billion.

They said Prokhorov's Onexim holding would acquire KM-Invest's 27.5 percent stake in developer Open Investments, its 91 percent in insurer Soglasiye and control of asset manager Rosbank and some geological exploration assets.

"We have managed to overcome all the differences and come to a mutually beneficial agreement. I hope the conclusion of such a large-scale restructuring will have a positive impact on the investment climate in our country," Potanin said. They have been dividing their assets, which include stakes in Norilsk Nickel and Polyus Gold, for over a year.

A source close to United Company RusAl's shareholders said earlier in the day that RusAl, controlled by Oleg Deripaska, expected to close a deal to buy Prokhorov's 25 percent plus one share stake in Norilsk by the end of next week.

KM-Invest also holds an 8 percent of Norilsk and a 7.4 percent stake in Polyus Gold. The statement did not explicitly say what would happen to those assets.

"This agreement allows us to receive stakes in companies of strategic interest for us and concentrate on our own projects," Prokhorov said.