VTB will sell the “System” portion of the microelectronic asset

The office of the company AFK “Sistema”

Photo: Oleg Yakovlev/RBC

Sistema agreed to buy VTB 15,32% of the group of companies of RTI, dealing with microelectronics. The amount of the transaction will be 4.5 billion rubles, thanks to her share of the “System” in the company will increase to 87%

As it is told in message AFK “System” for the London stock exchange, the acquisition of 15,32% RTI needs to be completed in January 2019. For the AFC package will pay 4.5 billion RUB.

As part of the agreement VTB also refinances indebtedness of RTI, providing a total of up to 28.5 billion rubles. Thus, the Bank will become the sole creditor of the company, said RBC representative of VTB. Due to this, payments on a significant part of the debt of RTI — up to 60% — will be postponed until 2021 with subsequent annual payments until the end of 2026.

Still, Sistema owned almost 71,677% RTI following the transaction its share will increase to 87%. Another 10% of the company belongs to Sovcombank, 3% — to the Chairman of the Board of Directors of RTI Sergei SMA. The representative of the “System” declined to comment on whether the Corporation intends to redeem shares of the remaining minority shareholders. However, the source of RBC, close to the AFC said that Sovcombank and Fights will retain their shares. According to him, negotiations with VTB “was long enough and are not associated with the transaction, discussing with Rostec.

We are talking about a joint venture in the field of microelectronics, where rostec can contribute the company Ruselectronics and the Combined instrument-Corporation “System” — RTI and “Micron”. At the end of 2016, the head of Rostec Sergey Chemezov said that the company is considering several options of creating a joint venture. The Corporation ready to give it control. But to obtain the AFC will have to make to the joint venture the money if the value of its assets will be less than the assets “Roselektronika,” said Chemezov.

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