When the economy is shrinking it’s good time for private equity investors to buy assets at a low valuation. There have been numerous reports in online media in Russia that ONEXIM Group is going to acquire Forbes. Here is the one confirmed by the Trud newspaper.
ONEXIM Group, which is led by Mikhail Prokhorov, is one of Russia’s largest private investment funds with a focus on mining industry, innovative projects in energy and nanotechnology, real estate and other industries. ONEXIM has more than $25 billion in funds under management.
In Russia, the Forbes magazine is published by Axel Springer Russia. The magazine web-sites Russian Newsweek and ComputerBild that are published by Axel Springer use the visual-based site search from Quintura.
ONEXIM Group has recently financed the launch of the Snob magazine in Russia. Next, coming are the Snob TV and muti-media online portal on Snob.ru.
In September 2008, ONEXIM Group acquired 50% of Renaissance Capital, the leading investment bank in the Russian, CIS and African markets for $500 million. The bank advised the shareholders of Mail.ru on a sale of 30% stake to media and Internet group Naspers.