December 12, 2012 / 9:25 AM / 5 years ago

AAR to get cash on closing of $28 bln TNK-BP sale

MOSCOW, Dec 12 (Reuters) - The AAR consortium, representing four Soviet-born tycoons, said it would receive $28 billion in cash for the sale of its one-half stake in TNK-BP to Russian state oil firm Rosneft.

“I can confirm that it’s $28 billion in cash at closing,” AAR CEO Stan Polovets told Reuters after the parties signed a sale and purchase agreement on Wednesday.

Rosneft has already signed a binding agreement to buy out BP’s stake in TNK-BP, Russia’s third largest oil firm, for $27 billion in cash and stock.

Both legs of the deal - Russia’s largest takeover - are expected to close in the first half of next year, subject to regulatory approvals.

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