AVTOVAZ has closed a deal to acquire NISSAN assets in Russia

AK&M 07 February 2023 14:33

AVTOVAZ has closed a deal to acquire a share in the authorized capital of Nissan Manufacturing RUS LLC. The relevant documents were signed on February 7, 2023 by Maxim Sokolov, President of AVTOVAZ JSC, and Fedor Nazarov, Director General of FSUE NAMI. Earlier, the deal received approval from the Government of the Russian Federation, AVTOVAZ reports.

As part of the agreements, AVTOVAZ JSC acquired a share in the authorized capital of Nissan Manufacturing RUS LLC in the amount of 99% at a price of 1 euro with payment in ruble equivalent at the exchange rate on the day of payment. The concluded transaction retains a call option for NISSAN to repurchase former assets in Russia for 6 years, if a corresponding decision is made in the future and approved by the Government of the Russian Federation.

Recall that the Nissan executive committee approved the sale of its Russian assets to the Russian Federation in the person of the Federal State Unitary Enterprise "NAMI" subordinate to the Ministry of Industry and Trade. This includes Nissan's production and research facilities in St. Petersburg, as well as a sales and marketing center in Moscow. At the same time, Nissan Manufacturing Rus can buy back its share within the next 6 years.

Later it was reported that as part of the agreements on the transfer of 100% of the Russian assets of Nissan Manufacturing Rus to state ownership, AVTOVAZ will take over the tasks of warranty and after-sales service of Nissan cars on the Russian market, as well as the supply of spare parts to the dealer network of the Japanese brand.

AVTOVAZ (TIN 6320002223) produces cars on a full production cycle. The group's production facilities are located in Togliatti - AVTOVAZ JSC both LADA Zapad Togliatti JSC and LADA Izhevsk LLC in Izhevsk. The official dealer network of the brand is the largest in Russia - more than 300 dealerships.