Russian developer Samolet to acquire MIC Group

MOSCOW. June 20 (Interfax) - Samolet Group is acquiring 100% of fellow Russian developer MIC Group, the buyer said.

Samolet Group "announces that it has signed an agreement to acquire a 100% stake in MIC Group, one of the largest development companies in the Moscow region, from several individuals," the company said in a press release.

The deal will include all of MIC Group's existing business. "Under the terms of the agreement, Samolet Group will acquire the more than 50 companies that make up MIC Group as well as the Group's land bank in Moscow, New Moscow and the Moscow region, including 11 projects at the construction and design stage," the company said.

Samolet Group will use bank financing to complete the transaction, with payments to be made in several tranches, the company said, without specifying the price. The completion of the deal is pending regulatory approval from Russia's Federal Antimonopoly Service.

The acquisition will increase Samolet Group's ongoing construction to 4.2 million square meters across Russia.

Samolet Group said it "will assume in full all obligations to MIC Group's customers with respect to customer support as well as the completion of construction and the operation of residential complexes."