Leonard "Len" Blavatnik is a USSR-born businessman, investor, and
philanthropist. He made his fortune through business via diversified
investments in myriad companies through his conglomerate company, Access
Industries. In 2015, he was named Britain's richest man with an estimated
net worth of £17.1 billion as of April 2015.
Early life and education Blavatnik was born in Odessa to a Jewish
family. He attended Moscow State University of Railway Engineering, but
did not complete his coursework due to the family's request for emigration
visas. His family emigrated to the United States in 1978, and he received a
masters in computer science from Columbia University and an MBA from
Harvard Business School in 1989. Career
In 1986, Blavatnik founded Access Industries, an international
conglomerate company located in New York, of which he is chairman and
president. Access has long-term holdings in Europe and North and South America.
Initially, he moved into Russian investments, just after the fall of
communism. He and a friend from university, Viktor Vekselberg, formed
the Renova investment vehicle, and then the two joined with Mikhail Fridman's
Alfa Group to form the AAR venture. Access has since diversified its
portfolio to include investments in industries such as oil, entertainment,
coal, aluminum, petrochemicals and plastics, telecommunications, media, and
real estate. In August 2005, Access Industries bought
petrochemicals and plastics manufacturer Basell Polyolefins from Royal Dutch
Shell and BASF for $5.7 billion. On December 20, 2007, Basell completed its
acquisition of the Lyondell Chemical Company for an enterprise value of
approximately $19 billion. The resulting company, LyondellBasell Industries then
became the world's eighth 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 103% in value since April 2010. Access currently owns
approximately 14% of LyondellBasell. 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 three years earlier to buy mortgage securities with
AAA credit ratings. JPMorgan Chase was ordered to pay $50 million to Blavatnik
on August 27, 2013. AAR gained a controlling stake in Russian oil company
TNK through privatization auctions, then in 2003 sold a 50% stake to British
Petroleum to form TNK-BP, one of Russia's largest oil companies, where
Blavatnik served on the board of directors. On March 21, 2013, Rosneft
completed its $55 billion acquisition of TNK-BP. 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. Blavatnik is 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.
Philanthropy 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.
Blavatnik sponsors a Colel Chabad 20,000-square-foot 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 and the Blavatnik Family Foundation
would donate £75 million to the University of Oxford to establish a new
school of government. The gift is one of the largest philanthropic gifts in the
university's 900-year history. Blavatnik also indicated the possibility of
increasing his benefaction up to £100 million over time. The Blavatnik School
of Government began accepting students in September 2012, and the new permanent
home of the school was constructed on the Radcliffe Observatory Quarter.
Architects of the buildings, which were finished in summer 2015, are the Swiss
architects Herzog & de Meuron. The first dean of the school is professor Ngaire
Woods. In 2013, Harvard University announced a $50 million donation from
Blavatnik's foundation to sponsor life sciences entrepreneurship at the
university. Wealth
In the Sunday Times Rich List 2015, Blavatnik was listed as the UK's richest
person, with a fortune of £16.9 billion. Forbes ranks Blavatnik as the 16th
richest in the world of as of April 2015 Personal life
Blavatnik is married to Emily Appelson Blavatnik. The couple have four
children. He owns a grade II listed building in
Kensington Palace Gardens which is valued at £200 million.
See also Kensington Palace Gardens
Russian oligarchs References
External links The New York Academy of Sciences'
Blavatnik Awards for Young Scientists Forbes 400 profile
Basell Polyolefins Corporate Website