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November 27, 2012 13:17

Russian Technologies selling 45.42% of VSMPO-Avisma to management, Gazprombank for $970 mln (Part 4)

MOSCOW. Nov 27 (Interfax) - The state Russian Technologies (Rostekhnologii) corporation is selling 45.42% of titanium producer VSMPO-Avisma (RTS: VSMO) to the company's management and to Gazprombank (RTS: GZPR) for $965 million-$970 million, VSMPO-Avisma's general director, Mikhail Voyevodin, told reporters.

Following the deal, Nordcom, a Cyprus-registered joint venture between management and the bank will own 50% plus one share in the corporation. Russian Technologies will own 25% plus one share.

Closure is expected within two weeks.

Voyevodin said Nordcom would borrow $495 million from Sberbank (RTS: SBER) to buy shares in the corporation from Russian Technologies.

Nordcom will also receive 4.6% of VSMPO-Avisma that management has bought on the market.

VSMPO management will own 75% plus one share in the joint venture.

The cost of the deal works out at $187 per share or $970 million for the whole stake.

Russian Technologies will use its proceeds from the deal to pay off a loan of $294 million to VTB (RTS: VTBR).

VSMPO-Avisma management includes Voyevodin; Mikhail Shelkov, deputy board chairman; Alexei Mindlin, deputy CEO, economics and finance; Dmitry Sannikov, head accountant; and Artem Kislichenko, legal affairs manager.

Shares in VSMPO-Avisma soared 4% on the MICEX-RTS exchange to 5,512.1 rubles by 1:00 p.m. Moscow time.

Pr

(Our editorial staff can be reached at eng.editors@interfax.ru)

/Interfax/
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