VW's Russian business sold for 125 mln euros

MOSCOW. July 27 (Interfax) - German automaker Volkswagen has confirmed that the price of the deal in which it sold its Russian business to Art-Finance LLC, a company affiliated with auto dealer Avilon, was 125 million euros.

The confirmation came in the company's financial statement for the first half of 2023. VW said the sale of its shares in its Russian division Volkswagen Group Rus LLC, as well as its fully controlled local entities Volkswagen Components & Services LLC, Scania Leasing LLC, Scania Finance LLC and Scania Insurance LLC, was completed on May 18.

The price of the sale was not previously disclosed by the parties. A market source familiar with the decision of the subcommittee of the government commission for control over foreign investment told Interfax earlier that deal was approved on April 17 for a price of up to 125 million euros. Therefore, on the day of the deal's approval it was worth over 11 billion rubles.