Forbes: Mikhail Fridman is Russian Businessman of the Year

Forbes: Mikhail Fridman is Russian Businessman of the Year
Mikhail Fridman

The founder of Alfa Group and the largest shareholder of LetterOne invested in foreign companies more than $5 billion - a record amount for Russia.

Forbes magazine Businessman of the Year award goes to Chairman of the Alfa Group Supervisory Board (the owner of 90.1% stake in Alfa Bank, 48% stake in the retailer X5 Retail Group, A1 and Rosvodokanal) and largest shareholder of the Luxembourg holding LetterOne (it owns 56.2% stake in VimpelCom too) Mikhail Fridman. The edition estimates that Fridman invested $5 billion in foreign companies - record for Russian businessmen.

In 2017 LetterOne closed two major transactions: he acquired the English healthy food chain Holland&Barrett for $2.3 billion and invested $3 billion in the fund of Pamplona Capital Management, owned by former partner of Fridman Alexander Knaster. The fund purchased the American companies Parexel (medicine) and BakeMark (bakery industry). The acquisition of Parexel cost $ 4.5 billion.

The magazine also noted the increase in Alfa-Bank's profit by international standards in annual terms. In addition, X5 Retail Group, which is also part of Alfa Group, has almost caught up with the capitalization of Sergey Galitsky’s Magnit - leader of the retail market. At the close of trading on the London Stock Exchange on December 20, the capitalization of X5 Retail Group was $10.5 billion.

At present, the fortune of Mikhail Fridman is estimated at $14.6 billion.

Tags: Oligarchs
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