Volkswagen will sell assets in Russia for 125 million euros
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The German automobile concern Volkswagen received permission from the Russian government to sell its Russian assets to the structure of the local car dealer Avilon for 125 million euros. “Kommersant” writes about it.
Photo: ukrautoprom 0
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Transaction details
As part of the agreement, Avilon will acquire 100% of the shares of the Russian representative office of VW (Volkswagen Group Rus LLC), as well as Volkswagen Components and Services LLC, Scania Leasing LLC, Scania Finance LLC, and Scania Strahovanie LLC controlled by it. “.
On the day of approval, the value of the transaction was about 11.3 billion rubles, at the current exchange rate — more than 10.5 billion rubles. The permission of the Russian government stipulates that if it is necessary to buy currency on the domestic market for the operation of Avilon, the amount of its purchase is limited to a limit of 50 million euros per day.
In March 2022, the Arbitration Court of the Nizhny Novgorod Region seized the assets of the German concern in Russia following a lawsuit by GAZ, which needed to recover more than 15.5 billion rubles from VW. However, in April, the court completely lifted restrictions on the auto concern’s assets in the Russian Federation.
Read: After the New Year, 11 foreign companies left the Russian market – KSE
On May 15, the head of the Ministry of Industry and Trade of the Russian Federation, Denis Manturov, noted that the transaction for the sale of the VW plant in Kaluga to the dealer “Avylon” was completed.
Let’s remind
As reported, after the start of the full-scale military invasion of Ukraine, the Volkswagen concern stopped supplying cars to Russia and stopped production at the plant in Kaluga and at the GAZ production site in Nizhny Novgorod, where the contract assembly of the Skoda Octavia, Skoda Karoq and Skoda Kodia was previously carried out.
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Source: Ministry of Finance
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