Carey Olsen lawyers have advised Rambler Media Limited on the cash acquisition of the shares of minority shareholders in that company by ProfMedia Limited through a Jersey scheme of arrangement.

The ProfMedia Group, one of Russia's largest media holding groups and a major private investor in most sectors in the Russian media market, now holds 100% of the issued share capital of Rambler. Rambler Media, a Jersey incorporated company, was formed in June 2004 to act as the holding vehicle for all the companies in the Rambler Group. The Group holds a number of web properties, making it one of the largest internet media and services groups in Russia.

Carey Olsen, one of the leading Jersey experts in this area, dealt with all aspects of the Jersey scheme of arrangement that enabled ProfMedia Limited to acquire the shares in Rambler that it did not already own.

Carey Olsen partner, Nicholas Crocker, who led the team acting on this scheme, said: "Jersey schemes of arrangement are gaining popularity and we expect to see this trend grow further in the next few years. Normally City lawyers are instructed in the first instance on schemes of this kind but our experience in this field was such that the client could entrust the entire process to us."

In 2007, Carey Olsen acted in the first Jersey scheme of arrangement, for the Sandpiper CI Group, and in 2010 structured and effected the biggest ever scheme of arrangement in Jersey when ICG acquired a large stake in CPA.