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NEW YORK, NY, July 19, 2007 — Moscow CableCom Corp. and Renova Media Enterprises Ltd. jointly announced today that they have completed the previously announced merger under the terms of which Renova Media, the largest holder of Moscow CableCom’s voting securities, has acquired all of the equity securities of Moscow CableCom that it did not previously own. Covington & Burling LLP represented the Special Committee of the Board of Directors of Moscow CableCom Corp. in connection with the acquisition. Lazard Freres & Co. LLC acted as financial advisor to the Special Committee. The value of the minority equity is approximately $152 million.
Moscow CableCom Corp. is the US-based parent of a Moscow, Russia-based company that provides access to pay-TV and internet services under the brand name “AKADO.” AKADO is in the process of expanding its hybrid fiber-coaxial network in Moscow to provide residential and business customers with comprehensive broadband services in digital cable TV and radio, and high-speed data transmission and internet access.
Renova Media Enterprises Ltd. is the telecommunications arm of Renova Group, a leading Russian private equity investor. Renova Media provides cable television, high-speed internet access and internet protocol-based telephony to residential and business customers in Moscow. Renova Media is Moscow’s second largest provider of broad-range internet access.
The Covington corporate team included partners Scott Smith and Ralph Voltmer, and associates Andrew Ment, Robert Heller, and Donald Saelinger.