Debevoise & Plimpton LLP has advised Universal Cargo Logistics Holding (UCL Holding) in a division of the shipbuilding and shipping business of Volgo-Balt Transport Holding (VBTH) with its minority shareholders, whereby the river cruise business of VBTH (Vodokhod group) was taken over by the minority shareholders and UCL Holding consolidated 100% of VBTH, which has retained control of all of the shipbuilding and water cargo transportation assets.
Mr. Igor Fedorov, CEO of the management company of UCL Holding, noted that the sale of the cruise company Vodokhod outside the VBTH group would enable UCL Holding to focus operational and strategic management on water transportation of bulk dry and oil cargoes, which is the core business of VBTH.
UCL Holding is an international group that transports cargoes by railway and river/sea transport, transships cargoes in Russian seaports and provides logistics and shipbuilding services. The group comprises three main divisions based on its core activities: railway (UCL Rail), stevedoring (UCL Port) and shipping & shipbuilding (VBTH) divisions.
VBTH is a shipping and shipbuilding division of UCL Holding comprised of Volga Shipping, North-Western Shipping Company, V.F. Tanker and Okskaya Shipyard.
Vodokhod is the largest river cruise company in Russia and full service travel operator. Vodokhod has been organizing river cruises in Russia for more than 20 years. Its fleet includes 23 four-deck cruise ships, 9 high-speed passenger vessels and 5 leisure vessels. In 2016, Vodokhod carried 497,000 passengers.
The Debevoise team was led by Moscow partner Dmitri Nikiforov and included senior associate Mikhail Movshovich and associate Oleg Semenov. English law advice was provided by Moscow-based international counsel Nik Kutnaks. Antitrust matters were covered by international counsel Anna Maximenko and associate Elena Klutchareva.
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