Egorov Puginsky Afanasiev & Partners has become the first Russian law firm to score an M&A deal in Africa.
The firm advised Rusal, the world’s third-largest aluminium producer, on its acquisition of 77.5 per cent of the government of Nigeria-owned metal works Alscon.
Partner Ednan Agaev, who advised on the deal along with the firm’s chairman Dmitry Afanasiev, said this acquisition was a significant move for Russia.
“The acquisition of Nigeria’s Alscon demonstrates the major advances that Russian investors are making in securing assets in Africa, where the continent’s rich natural resources offer a real and lasting financial opportunity,” Agaev said.
The Nigerian government was represented by the State Bureau of Privatisation in the country’s first-ever dealing with Russian investors.