Billionaire Blavatnik's second Irish venture

Yesterday's Aughinish Alumina deal marks the second Irish investment for Len Blavatnik, the Russian billionaire whose fortune is said to top €7 billion.

One of his vehicles, Siberian Urals Aluminium, holds 22 per cent of United Company Rusal, which has taken over the Shannon Estuary-based facility. Mr Blavatnik is a director of Aughinish Alumina's new parent.

In February, his Access Industries joined forces with the Dermot Desmond-backed Atlantic Bridge in its €390 million purchase LogicaCMG's Irish-based telecoms products business.

Atlantic Bridge is a Dublin and UK-based fund that specialises in technology and telecom investments. Its principals include former Parthus (now Ceva) executives, including that company's founder and former chief executive, Brian Long.

The company has renamed the LogicaCMG business Ascision.According to Mr Long, the investment marked the beginning of a long-term relationship between Atlantic Bridge and Access Industries. "They were looking to move into technology and we have a lot of technology expertise in our group," he said.

"We have known them and they have known us for quite a while, and we have a very, very good relationship."

He explained that while Atlantic Bridge acts as lead partner on the deals that it does, Access will be one of its backers. Up to now Access Industries has focused on investments in industry, energy and commodities.

Mr Blavatnik's family emigrated the US in the late 1970s and he subsequently graduated from Columbia University before doing an MBA in Harvard.

The Sunday Times rich list recently estimated his wealth at £4.76 billion (€7.1 billion).

Oleg Deripaska, another key figure in United Company Rusal, is said to be close to Russian president Vladimir Putin. His wealth is estimated at €16.2 billion.

Last year he was in the news when he was named as a possible bidder for English soccer premiership club, Arsenal.