S8 Capital bought the business of the Finnish elevator manufacturer Kone in Russia

Armen Sargsyan’s S8 Capital group has become the buyer of the Russian division of the Finnish elevator manufacturer Kone. About it reported Kommersant with reference to a company representative.

After the deal is closed, employees of the Finnish company will retain their jobs. The maintenance of elevator equipment will be carried out by the Meteor Lift company, which was created on the basis of the purchased Russian business of the American Otis.

S8 Capital does not disclose information about the transaction amount. According to Tatyana Pushkova, senior manager of the NEO consulting company, the market value of Lift Connect JSC, which has the Russian assets of the Finnish Kone on its balance sheet, is 0.5–1 billion rubles.

The fact that Kone decided to sell its assets in Russia, in the company reported at the end of June 2022. Then it was reported that the division would be transferred to Russian top management. According to the National Elevator Union, Kone occupied 3% of the Russian market.

After the transaction is closed, Kone will become the second elevator asset in the S8 Capital portfolio. At the end of July last year, the American elevator manufacturer Otis reportedwhich entered into an agreement with Ice Development (part of the S8 Capital holding) to sell 100% of the company’s share in the Russian business.