Len Blavatnik (Леонид Валентинович Блаватник, Leonid Valentinovich Blavatnik) (born June 14, 1957 in Moscow, Russia) is a Russian-American businessman, currently living in New York and London, including at a home on Kensington Palace Gardens. He has made his fortune through diversified investments, through Access Industries, in Russia, Europe, North and South America.
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Born in the Soviet Union, he attended University in Moscow. He emigrated with his family from Russia to the U.S. in 1978, and received a masters in computer science from Columbia University and an MBA degree from Harvard Business School in 1989. In the West, he is known as Len Blavatnik.
In 1986 he founded Access Industries, a New York-based international industrial group, of which he is Chairman and President. Access has long-term strategic holdings in Europe, North and South America. Initially, he moved into Russian investments, just after the fall of communism. With a friend from university, Viktor Vekselberg, who formed the Renova investment vehicle, the two joined with Mikhail Fridman's Alfa Group to form the AAR venture. To date, Access has diversified its portfolio to include investments in industries such as oil, coal, aluminum, petrochemicals and plastics, telecommunications, media, and real estate.
AAR gained a controlling stake in Russian oil company TNK through privatisation auctions, then in 2003 sold 50% stake to British Petroleum to form TNK-BP, one of Russia's largest oil companies, where Blavatnik serves on the board of directors.
Blavatnik also has interests in UC Rusal, the world's largest aluminum producer, where he sits on the board.
On May 6, 2011, Warner Music Group announced its sale to Access for US$3.3 billion. On July 20, 2011 an Access affiliate acquired Warner Music Group for $3.3 billion.
Mr Blavatnik is also a member of the Global Advisory Board of the Centre for International Business and Management at Cambridge University, a member of the board of Dean’s Advisors at the Harvard Business School and a member of the academic board at Tel Aviv University.
Mr. Blavatnik, the Blavatnik Family Foundation and Access companies have supported many cultural and philanthropic institutions over the past 15 years, including serving as the primary benefactors for numerous, major art and cultural exhibitions, including the British Museum, Tate Modern, Royal Opera House, National Portrait Gallery and Museum of Modern Art.
Since 2007, the Blavatnik Family Foundation has supported the Blavatnik Awards for Young Scientists together with the New York Academy of Sciences. The annual award recognizes the accomplishments of outstanding young scientists in life sciences, physical sciences and engineering and provides all finalists with a significant cash prize.
Access Industries bought petrochemicals and plastics manufacturer Basell Polyolefins from Royal Dutch Shell and BASF for $5.7 billion in August 2005.
On 20 December 2007, Basell completed its acquisition of the Lyondell Chemical Company for an enterprise value of approximately $19 billion. The resulting company, LyondellBasell Industries is the world's third largest chemical company based on net sales.
On January 6, 2009, the U.S. operations of LyondellBasell Industries filed for bankruptcy. On April 30, 2010, LyondellBasell emerged from Chapter 11 bankruptcy protection in a significantly improved financial position. As part of its exit financing, LyondellBasell raised $3.25 billion of first priority debt as well as $2.8 billion through the rights offering jointly underwritten by Access Industries, Apollo Management, and Ares Management. LyondellBasell stock has increased 67% in value since April 2010. Access currently owns approximately 16% of LyondellBasell.
On June 12, 2009, Access was reported to have made a £20 million bid for a 51% stake in the struggling broadcaster Setanta Sports However, Setanta failed to meet contractual obligations with The Premier League and on June 19, 2009, The Premier League terminated its contract with Setanta.
In early 2010, Access Industries was reported as one of the handful of bidders for Metro-Goldwyn-Mayer.
In 2010 Blavatnik sued JPMorgan Chase after losing $100 million after following Morgan's advice to buy mortgage securities of AAA credit rating in 2007. The lawsuit is ongoing.
On July 20, 2011, an Access affiliate acquired Warner Music Group for $3.3 billion.
In the Sunday Times Rich List 2011, Blavatnik was listed as the sixth richest person in the UK with an estimated fortune of £6.2 billion.
In Forbes' The World's Billionaire's List of 2011, Blavatnik was listed in 80th place with an estimated fortune of $10.1 billion.
Blavatnik sponsors a Colel Chabad food bank and warehouse in Kiryat Malakhi, Israel, which sends monthly food shipments to 5,000 poor families in 25 Israeli cities, and before Jewish holidays to 30,000 families in 73 Israeli cities, towns and villages.
In 2010, it was announced that Blavatnik would donate £75 million to the University of Oxford to establish a new School of Government. The gift is one of the most generous philanthropic gifts in the University’s 900-year history. Blavatnik has also indicated the possibility of increasing his benefaction up to £100 million over time.
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