Rostec set to sell off 25% stake in Russian Helicopters to UAE fund

Russian HelicoptersRussian state technologies corporation Rostec is expecting to rubber-stamp the sale of a 25% stake in Russian Helicopters to the RDIF-Mubdala investment partnership at this year’s St. Petersburg International Economic Forum (SPIEF) that starts today. 
The possibility of a sale was flagged earlier this year by Rostec CEO Sergei Chemezov, who said that preliminary talks had already taken place with representatives of the investment partnership set up by the UAE’s Mubadala investment fund and the Russian Direct Investment Fund (RDIF) in 2013 with a war chest of $2bn. “The deal could be worth several hundred million dollars,” an unnamed source within Rostec said. “If the deal goes through, it is estimated that RDIF and Middle Eastern funds [ie Mubdala] will own up to 25% of the holding’s share capital.”
Russian Helicopters was set up in 2007 to bring all Russia’s helicopter and component manufacturing plants under one management roof. The company also provides after-sales helicopter equipment maintenance within and outside of the Russian Federation and undertakes scientific research and experimental design work at the Mil Moscow Helicopter Plant and the Kamov Design Bureau. It employs around 40,000 people.

Source: sputniknews