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MOSCOW, September 6 (Itar-Tass) —— Sberbank Investitsii (a subsidiary of Sberbank) and Mikhail Shishkhanov (owner of Sberbank) are is buying five percent and 95 percent of the CJSC Inteco respectively from the wife of Moscow’s ex-mayor, Yelena Baturina, Sberbank said in a statement.
Alongside the development company the banks have also acquired the building company Patriot. The transaction is to be finalized in a month’s time. Investments are estimated at 1.2 billion dollars.
On Friday, September 2, the parties signed an irrevocable offer on the purchase of 100 percent of the shares Inteco, the company Patriot and all of their production and design divisions. During the month the parties intend to complete the deal. According to experts who participated in the transaction, the market value of assets in question is about 1.2 billion. The parties are not disclosing the financial terms.
The main purchaser at his own expense is Mikhail Shishkhanov (95 percent) and Sbverbank Investitsii (5 percent). Under the terms of the offer the contracting parties guarantee continuity on all obligations of Inteco to third parties. As Shishkhanov said, "all construction projects will be completed, and all loan commitments will continue to complied with on time."
As Sberbank has said, the purchase of these companies is seen as part of the "investment strategy to buy assets with steady growth prospects."
"There will open up new opportunities for us to finance prospective projects and also be involved in the growth of their market capitalization," Sberbank Investijtsii CEO Andrei Datsenko said.