As a result of the acquisition, which was based on an evaluation of Russkiye Akkumulyatory at $100 million, Power International will now own 80% in the company with the remaining 20% going to minority shareholders.
"The management of Metropol Group considered several proposals for selling its stake," the company's press release reads. "However, a decision was made to sell the stake to the second-largest shareholder."
Power International will continue developing its highly efficient battery production, which may push Russkiye Akkumulyatory onto financial markets and an IPO.
Subsidiaries of Russkiye Akkumulyatory mostly specialize in the design, production and disposal of batteries for all sectors of the Russian economy. The holding comprises battery factories in Podolsk and Saratov, the Akkumulyator and Istok plants in Kursk, research institutes in Smolensk and Podolsk, and Ryaztsvetmet, a tin powder plant in Ryazan, in Central Russia.
Metropol Group handles stock exchange transactions, fund management, consulting, banking and investment in the real estate sector, the exploration and development of polymetallic deposits, the establishment of industrial holdings and travel and insurance operations.
