British Polymetal International has finally completed its deal to sell 100% of Polymetal JSC shares to the structure of Sergei Yanchukov’s Mangazeya group. The total transaction amount was $3.7 billion, of which Polymetal will receive $300 million in cash after taxes. This is proven by: Message, It was published on the Polymetal website.
According to company president Vitaly Nesis, the sale of Russian assets made it possible to reduce external debt by $ 2.2 billion and fully repay intra-group debt of $ 1.04 billion. After closing the transaction, Polymetal’s net cash position was approximately $ 130 million.
We are pleased that shareholders support an exit from Russia. With the completion of the deal, the main risks have been balanced and management will now present a new strategy in May,” Nesis said.
The acquisition of Polymetal was the largest merger and acquisition transaction in the Russian mining industry in recent years. The joint-stock company controlled all Polymetal production assets in the Russian Federation (enterprises in Magadan, Sverdlovsk region, Khabarovsk Territory, Yakutia and Chukotka).
After leaving Russia, Polymetal retained the Kyzyl and Varvarinskoye mines in Kazakhstan, as well as the Irtysh MMC development project. The largest shareholders are Oman’s Mercury Investments (23.9%) and BlackRock (7.5%).
In fact, the deal was completed after the British company’s shareholders approved it on March 7.
Vladimir Putin in mid-February allowed He will trade Polymetal shares at his own discretion.
Previously Finnish company Konecranes left from Russia