British Virgin Islands: Carey Olsen Advises On Russian Private Equity Investment Through BVI Vehicle
Last Updated: 1 August 2014

Carey Olsen has advised the business on the BVI law aspects of its investment in e-book retailer LitRes. dominates Russia's online retail market for of books, CDs, videos and computer games.  LitRes is Russia's leading dedicated e-book and audiobook distributor.

The Carey Olsen team was led by Claire McConway who heads the firm's Russia and CIS practice, assisted by associate Sharon Mungall.  The investment was effected through the acquisition by Ozon Holdings Limited of a stake in BVI holding company LitRes Global S.A.   The terms of the deal have not been disclosed.  

Claire McConway said: "The BVI business company is a tried and tested vehicle for private equity investment and is very popular in Russia.  This is in large part due to its high degree of corporate flexibility, which allows it to be adapted for use in different deal structures.   Whilst conventional sectors still dominate the Russian economy, we are increasingly seeing BVI companies used in this market as co-investment vehicles in the growing technology and e-commerce sectors." 

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