As Kommersant found out, the structure of Gazprom (MOEX: GAZP) bought about 90% in the manufacturer of telecom equipment, semiconductors and microwave radio electronics JSC NPF Mikran. In 2023, AFK Sistema and Rosatom showed interest in the asset. Market participants estimate the value of 100% of the company at up to 10 billion rubles. Analysts note that NPF Mikran supplies equipment for Gazprom structures. The latter, as a result of the transaction, can “neutralize the risks when working with one of the important suppliers.”
According to two Kommersant interlocutors in the computer market, control in the Tomsk manufacturer of radio electronics, telecommunications equipment and semiconductors NPF Mikran passed to one of Gazprom’s structures. A source among semiconductor manufacturers also knows about the deal; he clarifies that the shares are being purchased by Gazprom Tech LLC and we are talking about 90% in the company.
A Kommersant source close to one of the parties to the deal says that it has already taken place. General Director of Gazprom Tech Alexander Rogov declined to comment; General Director of NPF Mikran Vera Paramonova did not answer Kommersant’s calls. The press service of NPF Mikran and Gazprom did not respond to requests.
Gazprom Tech LLC was established in March 2023 with an authorized capital of 10 thousand rubles. The company is 99.9% owned by Gazprom Capital and another 0.1% by Gazprom GNP Holding. Gazprom Tech owns 100% of the Kazan aircraft manufacturer Aurus Aero.
NPF "Mikran" is a large Russian manufacturer of telecom and radio relay equipment, communications equipment, equipment for detecting UAVs, navigation equipment, microwave components, and microelectronics. Works in the civilian market and with government defense orders. The company owns more than 100 patents.
Mikran has its own production, the number of employees exceeds 1.6 thousand people. According to the company’s reporting for 2022 (the most current annual reporting available in SPARK-Interfax), it received 4.4 billion rubles. revenue at 440 million rubles. net profit and EBITDA 1.35 billion rubles. More than 50% of the revenue came from the Telecommunications business. The value of net assets amounted to 4.8 billion rubles.
Data on the names of all shareholders of the Kommersant company could not be found. But, according to SPARK-Interfax, in October 2023, Vladimir Vavilin, who is on the board of directors of NPF Mikran, received 62.93% of the shares.
According to the top manager of a large IT integrator, as well as an employee at one of the electronics manufacturers, the structures of AFK Sistema and Rosatom were also interested in purchasing NPF Mikran. Kommersant’s interlocutor and Rosatom itself also said that the state corporation was considering the possibility of purchasing NPF Mikran. The state corporation did not respond to the request; AFK Sistema declined to comment.
“It is quite possible that for Gazprom Mikran is a critical supplier of equipment and solutions that has risks within the organization of its activities. In this situation, it is easier to buy a company by vertically integrating the supplier. This will neutralize some of the risks, and most importantly, will allow them to be managed,” says Arseny Brykin, general director of the Basis consortium.
Beshtau General Director Oleg Osipov draws attention to the fact that NPF Mikran also produces equipment for satellite communication systems, so “synergy with Gazprom Space Systems is possible.” Also, the expert clarifies, the company produces radio relay and radar systems, the major consumers of which are Gazprom structures.
Mr. Osipov estimates the potential value of the company at 5–10 billion rubles. Finam Financial Group analyst Leonid Delitsyn believes that 100% of NPF Mikran could cost up to 14 billion rubles: “The demand for Russian telecommunications equipment will increase, including due to the government’s large-scale plans for import substitution of foreign equipment.”