Hunting for takeover targets is not usually an activity associated with teenage boys. But the 17-year-old son of Roman Abramovich, the billionaire oligarch and owner of Chelsea FC, is no ordinary teenager.
Arkadiy Abramovich is following in his father’s footsteps, announcing that he wants to invest in oil and gas in the former Soviet Union, with the first deals coming as soon as early next year.
Clearly dad’s name and money have been no hindrance to young Arkadiy. He acquired his first stake in Zoltav in April – 26 per cent for estimated £3m. Only a few days ago, he increased his holding to 40 per cent, worth £4.88m in market cap. Not bad at an age when most contemporaries struggle to buy a pizza.
Symon Drake-Brockman, Zoltav’s executive chairman and a former senior executive at RBS, says Abramovich junior’s investment was “extremely fortunate”.
A Zoltav press release quotes Drake-Brockman as saying: “Looking ahead, we have a clear path to build a high quality business of scale, committed to the highest international operating and governance standards and to create value for all our investors.”
According to Drake-Brockman, Zoltav has already held talks about possible investments. And, as Bloomberg reports, he insisted the 17-year-old principal shareholder was deeply knowledgeable and independent of his father.
But Abramovich senior will clearly be there to help. After all, oil is where made his fortune, estimated at $13.4bn, selling his stake in oil producer Sibneft to state-controlled Gazprom for $13.1 billion in 2005.
Little is known about Abramovich junior. He is one of the billionaire’s six children and the eldest son. His parents divorced four years ago in what was one of the most expensive divorces in the history.
Tabloid photographers managed to snap a few photos of Arkadiy on Abramovich’s family yacht, but other than that, virtually the only time he has been seen in public is watching Chelsea games with his dad.
In one of the few pictures available of him, he wears a T-shirt and is eating eating an ice-cream. He sports a haircut in the style of singer Justin Bieber, who is also 17.
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