As found “Kommersant”, after the collapse of the deal to join the “Novomet” consortium of the RDIF and Arab investors the company may be consolidated by management. The founders and top managers “Novomet” plan to buy out 50.1% of the shares held by “Rosnano” and Fund Baring Vostok and Russia Partners, about 10 billion rubles, the Selling shareholders can expect a bonus, if within five years after the transaction “Novomet” more profitable sells shares to a strategic investor or IPO.Management “Novomet” may purchase shares of the company “RUSNANO” and investment funds Baring Vostok and Russia Partners, told “Kommersant” sources familiar with the situation. Management and the six founders of the company, headed by Oleg Perelman owns 49,9%, 30,76% — “Rosnano” and the rest of the funds. According to interlocutors “Kommersant”, the transaction may amount to 9.8 billion rubles., of which 5.9 billion rubles may be paid to the “RUSNANO”.”Novomet” specializiruetsya on the production of pumping and downhole equipment, the largest manufacturer of submersible pumps for the oil and gas industry in Russia and the seventh in the world. The company’s revenue in 2019 increased by 8.7%, to 25 billion rubles In 2018 55% of the revenues of the company gave the market of Russia and CIS countries and the rest abroad.According to “Kommersant”, “RUSNANO” and the investment funds may sell their shares with the condition that they will receive the bonus in case of occurrence in “Novomet” a strategic investor (the share of more than 50%) or IPO of the company within five years after the transaction. The bonus amount is half of the difference between the sale price of the shares now and in the future, but not more than $55 million, plans IPO “Novomet” mentioned in the last year, but in the context of a planned deal to enter the capital of Saudi Aramco (see “Kommersant” on March 29, 2019).In companies and funds, declined to comment on the merits. In “Rosnano” only said that “considering different configurations of the sale of shares in “Novomet” taking into account the changed macroeconomic situation.” “We are continuing talks on selling its stake in oil service company with specialized investors who are interested in the strategic development of the company”,— added in “Rosnano”.”Rosnano” became capital “Novomet” in 2011, investments amounted to 4 billion rubles In 2016 the company decided to withdraw from the project, but plans to find investors for the package failed mainly for reasons beyond RUSNANO reasons. So, the government blocked the sale of 100% “Novomet” American Halliburton, although the amount, according to interlocutors “Kommersant”, could be about $1 billion for the entire company. A watershed event for the current transaction became unsuccessful attempt RUSNANO to sell its stake in “Novomet” consortium of the RDIF and Saudi Aramco for 7.5 billion rubles., Although in November 2019 the government Commission on foreign investment approved the deal, in December, the largest client “Novomet” “Rosneft” has deprived the company of accreditation for participation in tenders. Kommersant’s sources said that the deal was made by the head of “Rosneft” Igor Sechin, however, the oil companies denied it.In addition, the transaction was affected by the crash in oil prices and, consequently, the deterioration of the situation on the market of oilfield services. The General Director of “Novomet” Maxim Perelman was expecting lower revenues this year by 15%, investments by 16%. “Today our production is about 50 percent,” he said in may.The “Rosnano” and other financial investors in “Novomet” there are not many possibilities to realize their investment, so they are largely interested in the transaction, said Karen Dashyan of Advance Capital. From the point of view of management, the purchase of shares can be explained by the fact that the leadership of “Novomet” believes in the development of the company, he said. The expert believes that the stock repurchase is likely to be financed with borrowed funds. Management expects in the IPO or other variants of attraction of investments will be offered a higher valuation of the company, says Mr. Dalian.Dmitry Kozlov
