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25% share in Ilyushin Finance & Co. leasing company may be sold to a Russian investor


Ilyushin Finance & Co. (IFC) plans to attract a strategic investor by means of selling 25% of its shares

One of the Russia’s largest aircraft lessors – Ilyushin Finance & Co. (IFC) plans to attract a strategic investor by means of selling 25% of its shares previously owned by Alexander Lebedev, ITAR-TASS reports with reference to CEO of IFC, Alexander Rubtsov.

 "We may offer these shares to VEB (one of IFC’s shareholders) or find a strategic investor, - he explained. – Anyway, we believe that it’s best for our company to sell this block of shares: whether we sell it to VEB or a strategic investor".

 There are some parties interested in purchasing the block of shares, Rubtsov added without naming them. "Most probably, it will be a Russian investor. We understand where we are going", - he said.

 The value of this block of shares is around $150 million. "But the final price will depend on assessment carried out in the course of negotiations", - CEO of IFC noted.

 Attraction of investors will be started upon completion of consolidation of the block previously owned by Lebedev, Rubtsov said and reminded that about 20% of shares have already been consolidated by Avia-Invest (subsidiary of IFC). In exchange for these shares Lebedev received two An-124 aircraft as well as remission of Red Wings’ debt.

 "We have about 5% left, - he said. – I think that the consolidation process will be completed in late July or early August at the latest. We are finalizing all the documents required to consolidate these shares".

 United Aircraft Corporation (UAC) owns 49,4% of IFC’s shares, VEB-Capital - 21,39%, minority shareholders - 3,14%. "VEB’s Supervisory Board decided that consolidation of this block of shares is required for UAC to sell its share in the IFC to VEB", - Rubtsov added. Thus, UAC will sell its share in IFC upon completion of all the corporate procedures and VEB will become the major shareholder of the lessor.

 IFC ranked 50th in the lessors ranking made by Flightglobal. It is one of five Russia’s largest leasing companies. The company’s assets are worth more than $1 billion. Following the results of 2013, the net profit of IFC amounted to 206 million rubles. The company has already delivered 53 aircraft to its clients and its backlog comprises 160 airliners.