Finnish tire manufacturer Nokian Tyres has agreed to divest its Russian operations to Tatneft for an expected price of around €400 million. According to Nokian Tyres, the final amount of the consideration is subject to net cash and working capital adjustment and variations in the exchange rate of RUB/EUR. In June 2022, Nokian Tyres revealed […]
Citigroup (Citi) said that its Russian subsidiary — AO Citibank has signed a deal to divest a portfolio of ruble-denominated personal installment loans to Russian commercial bank Uralsib. The financial terms of the deal were not disclosed by the American banking group. Subject to customer consent, Citi will also transfer a portfolio of ruble-denominated credit […]
Ford Motor Company has said that it has completed its exit from the Sollers Ford joint venture (JV) in Russia with Sollers OJSC by selling its 49% stake. The American automobile company said that its stake will be transferred to Sollers Ford for a minimal undisclosed value. It further stated that the company has the […]
French food company Danone has decided to begin a process of transferring the effective control of its essential dairy and plant-based business (EDP business) in Russia. According to Danone, the decision is appropriate for ensuring local business continuity in the long term for its employees, partners, and consumers. However, the transaction may end up in […]
Halliburton Company, an American oilfield service company, said that it has wrapped up the sale of its operations in Russia to a domestic management team comprising its ex-employees. Following the deal, Halliburton no longer has any operations in Russia. According to the oilfield service company, the Russia-based management team currently owns and operates its formerly […]
TotalEnergies has signed a final sale and purchase agreement to divest its 49% stake in Terneftegaz, the operating company of the Termokarstovoye field, a gas and condensate field in Russia, to Novatek. The financial terms of the deal were not disclosed. However, last month, TotalEnergies said that the sale is based on economic terms that […]
Baker Hughes has reached an agreement to divest its Russian oilfield services business (OFS Russia) to its local management team for an undisclosed price. The deal follows on the American oilfield services provider’s previously announced suspension of new investments in its operations in Russia and commitment to adhere to appliable laws and sanctions. Baker Hughes […]
Trafigura, Singapore-based commodity trading company, said that it has divested its 10% stake in Russian energy company Vostok Oil to Nord Axis Limited, an independent registered trading company in Hong Kong. The financial terms of the deal were not disclosed by Trafigura, which took up the sal after a review of options. According to Trafigura, […]
UK-based energy giant Shell has closed its previously announced sale of retail and lubricants businesses in Russia, that operates as Shell Neft, to Russian oil and gas firm LUKOIL. The transaction, which was announced in March 2022, was approved by Russia’s Federal Antimonopoly Service. The financial terms of the deal were not revealed. It was […]
Zurich Insurance Group said that it has reached a deal to divest its Zurich Russia, its property and casualty business in Russia, to 11 members of the unit’s team. According to the Swiss insurance giant, its Russian business will independently operate under a different brand under its new owners. Zurich Insurance will no longer carry […]