Freedom Holding Corp announced that the sale of its Russian assets had been approved by the Central Bank of the Russian Federation and had been completed. The Russian business of Freedom Holding Corp was sold to Maksim Povalishin. The value of the transaction is $ 140 million.

After the successful completion of the transaction, Freedom Holding Corp ceased its activities in the Russian Federation, and the sold Russian companies continued their operation under the Tsifra brand.

Lawyers of Orion provided legal support for the transaction, including drafting transaction documentation, representing the client in negotiations and advising in the process of negotiating the transaction with the Central Bank of the Russian Federation.

“The state pays close attention to the acquisition of shares in the authorized capital of financial organizations, since a change in the landscape in the banking services market may adversely affect the financial system and the economy as a whole,” says Grigory Gadzhiev, Partner at Orion.

In addition to Grigory Gadzhiev, among the lawyers advising on the deal were Senior Associate Polina Klipova and Associate Valentina Mikhailova.