Aeroflot , Russian Technologies hi-tech firm agree asset swap

© RIA Novosti . Dmitry Korobeynikov / Go to the mediabankAeroflot
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Russia's flagship airline Aeroflot will receive six regional air companies from state-owned Russian Technologies hi-tech corporation in exchange for 3.61 percent of its stock in a deal finally agreed between the two companies, Kommersant business daily reported on Thursday.

Russia's flagship airline Aeroflot will receive six regional air companies from state-owned Russian Technologies hi-tech corporation in exchange for 3.61 percent of its stock in a deal finally agreed between the two companies, Kommersant business daily reported on Thursday.

Aeroflot and Russian Technologies agreed the final parameters of the deal after they completed a valuation of the six regional airlines with a total fleet of 133 aircraft last week. Russian Technologies' aviation assets were valued at 2.5 billion rubles ($90 million).

"This (valuation) will allow Russian Technologies to receive 3.61 percent in Aeroflot," a source in one of the regional airlines told Kommersant.

Russian Technologies' aviation assets comprise Rossiya airline, Kavminvodyavia, Orenburg Airlines, Vladivostok Avia, Saratov Airlines and Sakhalin Air Routes. Russian Technologies received part of the assets in 2008 following the bankruptcy of the AirUnion air alliance. These assets were intended to be used to create Rosavia air group to compete with Aeroflot, the paper said.

In early 2010, however, Prime Minister Vladimir Putin backed a proposal by the Transport Ministry against creating Rosavia and made a decision to transfer Russian Technologies' aviation assets to Aeroflot.

Aeroflot and Russian Technologies had negotiated for a long time on the value of the regional airlines and the size of Aeroflot's stake for the asset swap.

MOSCOW, May 19 (RIA Novosti)

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