MOSCOW, July 22 (RIA Novosti) -Onexim investment group owned by Russian billionaire Mikhail Prokhorov reached an agreement with RBC Information Systems to buy a controlling stake in the troubled media group for $80 million, Onexim said on Wednesday.
"Under the terms of the joint offer, Onexim will acquire 51% of the company's charter capital for $80 million through a new share issue. The cash proceeds will be primarily spent on restructuring the company's existing debt, solving current operational problems and on the company's aggressive development in the future," Onexim said in a statement.
Under the deal, Onexim representatives will receive a majority of seats on the media group's board of directors while its operations will be run by its current management, the statement said.
RBC Information Systems is one of Russia's largest media companies operating on Internet, television and print media segments. RBC holds leading positions on the business information market in Russia and former Soviet republics.
RBC's financial position has been saddled by the ongoing global financial crisis, making it difficult for the company to repay its $220 million debt.
