Press releases | Archive 2007
Fosbourne Home buys out its blocking stake from RBC
Moscow, February 13, 2007 - OAO RBC Information Systems (RTS, MICEX: RBCI), Russia's leading media and IT group, and Fosbourne Home, a major player on the Russian mortgage brokerage services market, announced today that they have completed a transaction, whereby Fosbourne Home has bought back its blocking stake of shares from OAO RBC Information Systems. The deal is valued at $2.1 million, which is 35% more than the price initially paid by RBC. In April 2006, RBC acquired a blocking stake of 26% in Fosbourne Home's share capital for $1.56 million.
"RBC Group has made a substantial contribution to Fosbourne Home's business development at a formative stage," Yevgeny Bernshtam, Chairman of the Board of Directors of Fosbourne Home says. "The reverse buyout was prompted by the need to finance the company's rapid development with the help of a strategic investor."