7 Mar 2023 17:19

Mirakyan's Insight buys Deere Russian leasing subsidiary

MOSCOW. March 7 (Interfax) - Avet Mirakyan's Insight Group has closed a deal to buy the Russian leasing subsidiary of American Deere & Co. , the world's largest manufacturer of agricultural machinery and equipment, data from the Unified State Register of Legal Entities shows.

Since March 7, Insight has owned a 100% stake in John Deere Financial LLC, according to the registry information.

Insight has not disclosed the amount of the transaction. "According to the terms of the deal, we have to rename the company, which will happen in the near future," an Insight representative said, without disclosing the new name of the former Deere & Co. subsidiary.

The deal was discussed and approved by a subcommittee of the government commission for foreign investment control at the beginning of the year, a source told Interfax in February.

The former general director of SFI , Mirakyan, together with partners, created the Insight group last year. He owns 80% of the company, and 4% each belongs to Artem Astanin, Anton Barsht, Mikhail Gonopolsky, Alexei Komar and David Pogosyan.

The company has already acquired the leasing structure of one Western company that left Russia because of events in Ukraine. Last September, the Insight group closed a deal to acquire the Siemens Finance leasing company, now called Deltaleasing, from Siemens. The group is ready to consider purchasing the leasing assets of all outgoing foreigners, Mirakyan said in an interview with Frank Media in September. "Open the list of captive leasing companies where there are foreign names - this entire list matches our list of potential acquisitions exactly. However, I think that all our competitors, one way or another, are operating with the same list. (...) Take all the automakers. And not only cars, but also equipment manufacturers, for example. All of them have captive leasing subsidiaries," he said.

The revenue of John Deere Financial in 2021 was 2.7 billion rubles, with net profit of 0.9 billion rubles. In addition to the agro-industrial complex, among Deere's other subsidiaries are companies in the construction, coal mining, and timber industries.