Henkel signed an agreement to sell its business in Russia for 600 million euros

German manufacturer of cosmetics and household chemicals Henkel has signed an agreement to sell its business in Russia to a consortium of local investors, according to a company press release. The transaction amount is 600 million euros (54 billion rubles).

The consortium, which will become the new owner of Henkel’s business in Russia, includes Augment Investments, Kismet Capital Group and Elbrus Services.

“The agreed amount of the transaction amounted to 54 billion rubles, which corresponds to approximately 600 million euros. All the necessary approvals from the state authorities have been received, the closing of the transaction is expected in the near future,” the press service said in a statement.

Formerly Vedomosti wrotethat Henkel is in the final stages of selling its Russian assets. A source familiar with the details of the deal claimed that the 11 factories of the German company could be acquired by a consortium of investors, which includes shareholders of the drug manufacturer.Pharmstandard” (owned by Viktor Kharitonin and Yegor Kulkov), Kismet Capital investment company Ivan Tavrin, as well as co-founder of the Elbrus Capital fund Dmitry Kryukov.

Henkel announced the termination of business in Russia in April 2022. In March, the German manufacturer announced the suspension of all planned investments in Russia. Simone Bajel-Tra, Chairman of the Henkel Shareholders and Supervisory Board, said last December that the company had launched the process of selling the Russian business and plans to complete it in the near future.