Onexim sells 82.47% stake in Quadra to Rosatom Group
MOSCOW. Feb 1 (Interfax) - Onexim Group has signed an agreement to sell its 82.47% stake in power company PJSC Quadra to Rusatom Infrastructure Solutions, a division of Rosatom Group, the companies said.
"The deal closes on the day of signing. All the necessary regulatory approvals have been received," Onexim said in a press release.
An Interfax source familiar with the terms of the deal said the price was about 26 billion rubles. This approximately coincides with the valuation of the company done by PwC at Onexim's request. It appraised 100% of Quadra shares at 32.8 billion rubles, Interfax reported earlier.
Quadra has 20 power plants and 319 boiler houses with combined capacity of 3.1 GW and 10,200 Gcal/h. The company's principal shareholder is Mikhail Prokhorov's Onexim Group LLC. Another 24.7% is held by Businessinform LLC, 4.8% by Soglasie Insurance Company and 2.9% by Bona Sport LLC; all three of these companies are also controlled by Prokhorov.
"The stage of Quadra evolving into one of the leaders of the country's energy sector has been successfully completed. For its further development, the company needs a strong specialized strategic investor. I am confident that, with the arrival of Rosatom Group, Quadra will receive new opportunities for its development. We are leaving a promising asset in reliable hands," Onexim CEO Dmitry Razumov was quoted as saying in the group's press release.
"Rusatom Infrastructure Solutions (RIS) manages Rosatom's thermal power division, and implements comprehensive projects to develop resource conservation systems in nuclear industry cities. In turn, many regions in which Quadra operators are partners of the state corporation, and nuclear industry facilities are located in three of them," RIS CEO Ksenia Sukhotina was quoted as saying in RIS's press release.
She said combining competencies within Rosatom Group will result in synergies expressed in higher efficiency and quality of heat supplies to consumers, expansion of customer service instruments, and the possibility of launching comprehensive area development projects with regions.
After the takeover by RIS, there are plans to carry out programs at Quadra facilities to increase the efficiency and reliability of heat supplies, compile a map of green projects with regions, and introduce digital technologies into the operations of the energy and heat network.
Quadra will continue to fulfil current obligations to customers and partners, including government agencies under previously signed concession agreements, RIS said.