Inter RAO not ruling out acquisitions in engineering or other sectors

MOSCOW. Aug 14 (Interfax) - Inter RAO does not rule out acquisitions in engineering or other sectors, the company's Deputy CEO for Economics and Finance Alexander Dumin said during a conference call with analysts and investors.

The company has always been active in the M&A market, so future growth could also be driven by acquisitions, Dumin said.

Such acquisitions can be expected, but it is still too early to discuss anything specific, he said.

Inter RAO has completed the main phase of consolidating previously acquired power engineering assets, Alexander Kiselev, a member of Inter RAO's management board for strategy and investments, said during the conference call.

"We are currently ensuring the integration process between the power generation and machinery segments. We plan to complete this process by the end of 2025," he said.

Inter RAO has completed several major deals in the power engineering market in recent years. The company previously said that this segment would become one of its key priorities in the near future. In particular, in spring 2024, the company finalized the acquisition of UTZ.

Other notable transactions include the purchase of 11 engineering companies and IT company Sigma, the buyout of Siemens Energy's 65% stake in STGT and Voronezh Transformer, as well as the acquisition of Elsib, which was previously part of SUEK.

As of late March 2024, Inter RAO's main shareholder was Rosneftegaz (27.63%), while Inter RAO Capital held 29.56%. A further 8.57% as of late 2021 belonged to PJSC Federal Grid Company - Rosseti (formerly FGC UES, now merged with PJSC Rosseti ), with 34.24% in free float.