Trust sold Baltic Leasing for 30% more than the starting price
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Trust Bank sold Baltic Leasing for more than 30% more than the starting price. Several contenders competed for 99.8% of the company’s shares; Profitable Investments LLC, indirectly associated with Sberbank, won. Market participants believe that even with such an overpayment, the asset can pay off under certain conditions.
Bank of non-core assets Trust sold 99.48% of the shares of Baltic Leasing JSC for 26.93 billion rubles. As a result of the auction, the final price was more than 30% higher than the starting price. The deal will close in the third quarter of 2023.
Group “Baltic Leasing” – it includes joint-stock companies and LLCs of the same name, as well as Baltliz Technologies LLC – as of mid-2023, it occupied seventh place in the Expert RA ranking in terms of the volume of new business (RUB 71.6 billion). The portfolio size was estimated at 124 billion rubles, net profit for the half-year amounted to 2.55 billion rubles. 61% of the portfolio is occupied by motor vehicles, 14% is accounted for by construction equipment and special equipment.
The auction took place in two stages – from 10:00 to 12:00 and from 16:30 to 17:00, according to the site data. At the first stage, the struggle unfolded among three participants. As follows from the auction protocol, the first number was Profitable Investments LLC owned by Mikhail Zharnitsky, who heads Control Leasing. The latter did not participate in the auction, but was seen on the registration list for receiving documentation. Sberbank was called an “investor and related party” for the company, according to a presentation for investors. Most of its shares (74.9%) are pledged to the state bank.
The second contender was Sovcombank. The third participant in the auction was JSC Svoboda, among whose owners, according to the SPARK system, was the legal agency KB Egida, owned by two individuals.
At the first stage, 22 steps of 200 million rubles were completed. As a result, the price (from the first participant) reached 24.89 billion rubles. The second offered 24.68 billion rubles, while the third did not rise above 24 billion rubles.
In the second round, only Profitable Investments and Sovcombank competed. As Dmitry Kurbatsky, managing partner of the Dmitry Donskoy Financial Group, notes, “the second participant clearly felt less confident and reflected every time, while the first was always ready to outbid the other.” As a result, “Profitable Investments” brought the price to 26.93 billion rubles. and were declared the winner.
Representatives of Profitable Investments and Sovcombank did not comment on the results of the auction. Control Leasing did not respond to Kommersant’s request.
Market participants generally rate Baltic Leasing quite highly. However, according to one of Kommersant’s interlocutors, “for 24 billion rubles it would be a very good purchase, but the price is 27 billion rubles. seems a little overpriced.”
Kommersant’s interlocutor at another large leasing company believes that investments “can pay off even at this transaction price.” However, the prospects largely depend on whether the company can be financed under the new owner on the same terms as during the period of closeness to FC Otkritie Bank, Kommersant’s source emphasizes.
Considering that the auction was won by a company close to Sberbank, market participants have no doubt about it. “If Baltleasing is merged with Sberleasing, the purchase will definitely be successful,” believes one of Kommersant’s interlocutors. According to Mr. Kurbatsky, “the six-year payback can be 17% per annum.” And if the company’s client base and portfolio are transferred to Sberbank, the expert adds, “this will create an additional payback factor.”
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