Rusnano disposing of stake in American SiTime Corporation, could make 550 mln rubles from deal
MOSCOW. Oct 30 (Interfax) - Russian nanotechnology corporation Rusnano is selling its stake in the American company SiTime Corporation, Rusnano said in a statement.
Rusnano's stake in SiTime is 17.7%, and the company has invested a total of $15.9 million, or 411 million rubles, in SiTime. In addition, the internal rate of return (IRR) on these investments is estimated at over 25%, Rusnano said.
According to industry experts, Rusnano may make over 550 million rubles from the sale.
Rusnano said SiTime shareholders - made up of nine investing companies and funds, including Rusnano - decided to sell the entire company to MegaChips for $200 million. The deal is expected to be finalized after it is approved by the regulatory authorities in November of this year.
SiTime develops high performance oscillators and offers MEMS-based silicon timing solutions.
As reported, Rusnano invested $15.9 million in SiTime in 2011 along with a number of other investors, whose overall investments totaled $22 million. The funds were used to develop SiTime's research base, expand its sales territory and create a Russian development center in St. Petersburg.
"The decision to invest money into SiTime allowed [us] have a wonderful financial result, but also successfully transfer advanced technology to Russia. It's important to note that despite the fact that Rusnano is disposing of stake in SiTime, the work of the company's Russian R&D center is still successful and ongoing," the statement quotes the president of Rusnano USA and SiTime board of directors member Dmitry Akhanov as saying.