Agreement to sell a 25% stake in the capital of “Helicopters of Russia” signed on Thursday, June 16, at the St. Petersburg economic forum (SPIEF). The amount of the transaction will amount to $600 million, and the buyer will be the Russian direct investment Fund (RDIF) as part of a consortium with a portfolio investor from the Middle East.
The transaction of capital “Helicopters of Russia will come the Republic of Tatarstan, which now owns about 5% stake in the company. About 16% of the investors will receive in the framework of the additional issue, said Deputy General Director of Rostec Sergey Skvortsov.
Under the deal investors will have the right to appoint two representatives to the Board of Directors of “Russian Helicopters”. They get preferred shares, according to the representative of Rostec: they are not voting and limit the influence of foreigners on “management of sensitive industry”.
In addition, Rostec will have the right of priority purchase of shares in the event of resale and the ability to block a deal with an unwanted investor.
The final distribution of shares between the FUND and a middle Eastern investor will be approved before the conclusion of the transaction.
The deal can be closed until November, said Skvortsov.
Rostec is looking for buyers for “Helicopters of Russia” in 2015. The head of the Ministry of industry and trade Denis Manturov said that there are options to sell 49% of Russian strategic investor 25% foreign or a combination of these options. Spring redirector Rostec Sergey Chemezov said that the Foundation of the UAE Mubadala Development may buy 20-25% of “Helicopters of Russia”. Mubadala is one of the partners of the FUND. In addition to his RFPI has partnered with investment funds from Kuwait, saydovskoy Arabia, Bahrain, Qatar and Egypt, it said on its website.
“Helicopters of Russia” — Russia’s only manufacturer of helicopters, is listed on the company website. For 2015, the company’s revenue under IFRS amounted to 220 billion for a profit of 42.2 billion RUB (an increase of 103,7% compared to 2014).