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Russia's Rostec to sell 12% in Russian Helicopters to investors consortium

Rostec will sell a 12% stake in the Russian Helicopters holding for $300 mln at the first stage and will direct proceeds to the charter capital

© Sergei Bobylev/TASS

MOSCOW, February 20. /TASS/. Russian state-owned corporation Rostec signed an agreement on sale of a 12% stake in Russian Helicopters holding to the consortium of the Russian Direct Investment Fund (RDIF) and Arab investors, with 100% shares of the holding valued at $2.35 bln, Chief Executive Officer of Rostec Sergey Chemezov told reporters on Monday.

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"We had a resolution of the management board and the supervisory board, authorizing to sell up to 25% of shares. We held talks with a pool of investors - Arab [investors] together with the RDIF. We had a certain number of investors and it declined later. It does not mean we halted [the process of divesting 25% in Russian Helicopters - TASS]; we simply decided not to wait for others and sign for 12% so far. According to the estimate, the price of 100% stake is $2.35 bln," Chemezov said.

"The deal consists of two stages. The first stage contemplates sale of 12% of shares and investments in the amount of $300 mln, with agreed subsequent increase of investments to $600 mln. The charter capital of the holding will grow as a result of the transaction," the company said.

According to Rostec, increase in the charter capital will make possible to concentrate a huge amount of funds in Russian Helicopters, required to deliver the strategy and the business plan, including development of new helicopter types.

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According to the RDIF, investments of the Middle East partners will help Russian Helicopters to broaden operations in this region.

"Investments of the consortium led by the RDIF will enable the holding to proceed with the expansion on new markets; in particular, investments of our Middle East partners will contribute to broadening of Russian Helicopters’ activities in this region. Russian Helicopters have a significant upside potential and carry attractive investment opportunities for our partners and us," the RDIF said.

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