The AAR consortium, representing four Soviet-born tycoons, said it would receive $28 billion in cash for the sale of its one-half stake in TNK-BP to Russian state oil firm Rosneft .
"I can confirm that it's $28 billion in cash at closing," AAR CEO Stan Polovets told Reuters after the parties signed a sale and purchase agreement on Wednesday.
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Rosneft has already signed a binding agreement to buy out BP's stake in TNK-BP, Russia's third largest oil firm, for $27 billion in cash and stock.
Both legs of the deal - Russia's largest takeover - are expected to close in the first half of next year, subject to regulatory approvals.
(Reporting by Douglas Busvine; Editing by Katya Golubkova)