Elbrus Capital and iTech Capital’s Investment In Aviasales

Hogan Lovells advised Elbrus Capital on the deal.

Elbrus Capital, one of Russia and CIS’ leading private equity houses, made a co-investment with iTech Capital into Aviasales, a leading airline ticket merchant and comparison platform. The deal signed and completed on 27 July 2021.

The funds raised will be used to launch new products, to increase marketing investments in Russia, the CIS countries and new markets, to develop a service for organizing business trips as well as to create a global platform to automate affiliate marketing Travelpayouts.

The transaction is one of the largest investments in the market and is a sign of the confidence in the Russian and Asian travel sector which is showing fast recovery from the crisis. Aviasales is already producing results above the pre-pandemic levels seen in 2019.

The cross-border Hogan Lovells team was led by corporate partner Georgy Kalashnikov (Picture – London) and counsel Leonid Ervits (Moscow) with support from associate Nick Edwards (London) on transaction documents and partner Andrew McGinty and senior associate Sherry Xiao (both Hong Kong) on HK law transaction documents and share transfer mechanics. 

Involved fees earner: Nick Edwards – Hogan Lovells; Leonid Ervits – Hogan Lovells; Georgy Kalashnikov – Hogan Lovells; Andrew McGinty – Hogan Lovells; Sherry Xiao – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Elbrus Capital ;

Federica Tiefenthaler

Author: Federica Tiefenthaler