Nets Owner to Buy Russia's Renaissance Capital The investment vehicle of Mikhail D. Prokhorov, the billionaire owner of the New Jersey Nets, agreed on Wednesday to buy Renaissance Capital, a Russian investment bank that has struggled to become a global financial player. The terms of the transaction, in which Mr. Prokhorov's Onexim Group will buy the half of Renaissance that it does not already own, weren't disclosed. Onexim will also acquire an 89 percent stake in Renaissance Credit, a corporate sibling focused on consumer lending. The deal will bring big changes for Renaissance, commonly known as RenCap (and not to be confused with the American financial research firm with the same name, nor with Renaissance Technologies hedge fund). RenCap's founder, Stephen Jennings, will step down as chief executive of the investment bank. He will be replaced by John Hyman, the firm's deputy chief and a former top banker at Morgan Stanley. Mr. Jennings founded RenCap in 1995, hoping to create a powerful new entrant in the European, Asian and African markets. The firm embarked on a hiring spree, picking up executives from the likes of Morgan Stanley, Credit Suisse and Nomura. But RenCap has struggled to meet that goal, having been stymied by bigger Russian firms like VTB Capital and Sberbank. In 2008, the firm sold a 50 percent stake in itself to Mr. Prokhorov's firm for about $500 million, a lifeline to help it survive global market tumult. Onexim executives said that they intended to support RenCap's expansion efforts. "We strongly believe in the strategy of Renaissance Capital and that the financial resources of Onexim will only strengthen the unique position of the bank in the markets in which it operates," Dmitry Razumov, Onexim's chief executive, said in a statement. We further believe that Renaissance Credit will continue its rapid growth against the background of the continued boom of the Russian consumer sector. Mr. Hyman added in a statement: "The transition of the business to Onexim's full ownership will strengthen the financial footing of Renaissance Capital and further enhance its operations across Russia, the CIS, Central and Eastern Europe, and Africa."