Forbes in Ukraine Was Sold To Young Oligarch

Owner of VETEK group of companies Sergey Kurchenko together with founder and president of UMH group (publishing Forbes in Ukraine) Boris Lozhkin announced early closure of the acquisition deal, under which Sergei Kurchenko’s companies receive 99.9% of UMH group stock.

Financial obligations under the transaction, the beginning of which was announced by the parties on June 21 2013 are now fulfilled. Transaction amount remains undisclosed.

Commenting on the acquisition, Sergey Kurchenko said, “I would like to thank the VETEK-Media team, Boris Lozhkin personally, as well as the current management of the group for cooperation and professionalism.” The businessman also once again confirmed his future plans to invest into development of UMH group in order to strengthen the leading position of the company.

Boris Lozhkin noted, “I would like to extend my thanks to all the staff of UMH group. Together, we have built the best media company in Ukraine and become a notable player in the Russian market. UMH group shareholders and partners are satisfied with the outcome of the deal. I hope that investment plans of Sergey Kurchenko, along with professional actions of his team will provide new momentum to development of UMH group.”

Sergey Kurchenko’s VETEK-Media company (Director General – Yuri Rovenskiy) has already taken over operational management of UMH group. The managing company has confirmed its interest in continuing cooperation with the current leading top managers of the holding.

UMH group

UMH group was founded by Boris Lozhkin in 1994. It is one of the leading media groups in Eastern Europe and manages a portfolio of more than 50 brands in Internet media, radio and the press in Ukraine and Russia. According to “RBC Ratings”, it is among top 15 largest media companies in the post-Soviet space. In late 2012, the company’s revenue was $151.6 million, EBITDA and net profit – $28.7 and $16.3 million respectively.

Earlier, Forbes included the UMH group acquisition deal in the list of top ten largest M&A transactions of 2013.