Skadden scoops record Russian deal as Millhouse sells off Sibneft

Skadden Arps Slate Meagher & Flom has landed its most lucrative work to date from Chelsea FC owner Roman Abramovich, advising the majority shareholder of Sibneft in its $13.1bn (£7.4bn) sale to Russian natural gas company Gazprom.

Skadden European managing partner Bruce Buck and Frankfurt partner Hillary Foulkes led the deal, which saw Abramovich's investment company Millhouse Capital sell its 73 per cent stake in Sibneft.

Linklaters Moscow managing partner John Goodwin and partner Denis Uvarov advised Gazprom, a state-owned entity that raised its share in Sibneft to 76 per cent, taking the oil producer back under state control.

Linklaters' first instruction from Gazprom was in February 2004. It has not received work from Gazprom since, but has worked on behalf of investment banks financing Gazprom deals.

The Sibneft purchase is the biggest in Russian corporate history.

A slew of investment banks, including ABN Amro, Dresdner Kleinwort Wasserstein, Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley are preparing to finance $12bn (£6.8bn) of debt, which is understood to be split between a $5bn (£2.83bn) bridge and a $7bn (£3.97bn) syndicated loan.

Linklaters declined to comment.