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Russian Technologies To Sell 45.42% In Korporatsiya VSMPO-AVISMA OAO To Joint Venture Of Its Management And Gazprombank OAO-Interfax

Tuesday, 27 Nov 2012 03:11am EST 

Interfax reported that the state Russian Technologies (Rostekhnologii) corporation is selling 45.42% of Korporatsiya VSMPO-AVISMA OAO (VSMPO-Avisma) to its management and to Gazprombank OAO for $965 million-$970 million, VSMPO-Avisma's General Director, Mr. Mikhail Voyevodin, told reporters. Following the deal, Nordcom, a Cyprus-registered joint venture between management and Gazprombank OAO will own 50% plus one share in VSMPO-Avisma. Russian Technologies will own 25% plus one share. Closure is expected within two weeks. Mr. Voyevodin said Nordcom would take on a $495 million from Sberbank and all related obligations to buy shares in VSMPO-Avisma from Russian Technologies. Nordcom will also receive 4.6% of VSMPO-Avisma that management has bought on the market. VSMPO-Avisma's 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. VSMPO-Avisma management includes Mr. Voyevodin; Mr. Mikhail Shelkov, Deputy Board Chairman; Mr. Alexei Mindlin, Deputy CEO, Economics and Finance; Mr. Dmitry Sannikov, Head Accountant; and Mr. Artem Kislichenko, Legal Affairs Manager. Russian Technologies bought 70.42% of VSMPO-Avisma in 2006 for $125 a share. 

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