Frank Media: the deal to buy a subsidiary of Siemens cost the Insight group 52 billion rubles
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The amount of the transaction for the purchase by the Insight investment group of the leasing company Siemens Finance (later renamed Deltalizing) amounted to 52 billion rubles. (€922 million), reports Frank Media with reference to Siemens financial information.
The transaction took place on September 29, 2022. Before that, Insight placed bonds with a nominal value of 53 billion rubles by private subscription, according to Frank Media. Then the investment group bought back bonds in October for the amount of 24.7 billion rubles. and in December in the amount of 28.9 billion rubles.
“The bonds were redeemed by IG ”Insight” at the expense of proceeds from ”Deltalizing” as a result of the replacement of equity financing of the business with bank financing. ”Insight” did not pledge the shares of ”Deltalizing” or otherwise provide the financing that ”Deltalizing” attracts on the market,” a representative of Insight told the publication.
Even before the purchase of Siemens Finance, the owner of Insight, Avet Mirakyan, announced his intention to create a leasing holding by buying up leasing companies owned by foreign manufacturers who left Russia.
Siemens Finance was formerly owned by the German concern Siemens. The company announced its exit from the Russian market in May 2022. At the same time, Siemens announced the search for a buyer for its “daughter”.
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