Rusnano might swap stake in Sitronics Nano for 30% of Micron
MOSCOW. Nov 18 (Interfax) - The Federal Anti-Monopoly Service (FAS) has extended its review of an application from state corporation Rusnano to acquire 30% of JSC NIIME & Micron by two months, the regulator said.
Representatives of Micron and Rusnano told Interfax that this concerns the second phase of a deal in which Rusnano is divesting its interest in LLC Sitronics Nano. In this phase, Rusnano is swapping its remaining 37.25% stake in Sitronics Nano for 30% of Micron.
A Micron spokesman said the stake of 30% is a tentative figure and the company's valuation could change before the deal is closed.
Due to the extension of the review, the deal will be closed in the first quarter of 2014 instead of in the third-fourth quarter of 2013 as previously planned.
The regulator attributed the delay to the need to obtain additional information in order to make a decision and review the case.
Under the first phase of the deal, Rusnano sold 12.5% of shares in Sitronics Nano to Micron for 2 billion rubles in May 2013.
Sitronics and Rusnano agreement to carry out a joint project to manufacture microchips with topology of 90 nanometers in 2009. The partners each took 49.75% stakes in Sitronics Nano and Zelenograd's CJSC Ameks was given 0.5%.
The overall cost of the project was 16.57 billion rubles. Most of this money was invested in Sitronics Nano's charter capital, which totaled 12.97 billion rubles. Sitronics made its contribution to the venture with chip production equipment worth 6.48 billion rubles, while Rusnano contributed the equivalent in cash.
Sitronics Nano borrowed the remaining 3.5 billion rubles from Bank of Moscow (letter of credit for 27 million euros at EURIBOR+5%) and Rusnano (loan of 1.8 billion rubles at 13%).
Sitronics Nano signed its first contracts for delivery of 90 nm chips in the fall of 2012. The venture will reach about 80% of production capacity next year and 100% by the beginning of 2015, Micron head forecast in an interview with Gennady Krasnikov.
Sitronics, which is wholly owned by RTI , now owns 80% of Micron; Roselektronika, a division of state corporation Rostec, owns 12%; and the remaining shares are held by private individuals.
