Sberbank CIB Provides Financing to Renova Group
The financing needed to make the acquisition was provided by Sberbank CIB under a loan agreement1 worth $2.5 bln, which was signed on July 31, 2015. This agreement acted as collateral for the share purchase offer made to the minority shareholders of Sulzer AG in accordance with Swiss law. The equivalent of 1 billion Swiss francs worth of financing was used for the deal.
The loan documentation was drawn up in accordance with English law, with support from law firms Allen & Overy and Lenz & Staehelin.
"We welcome the latest investment initiative of our long-term partner Renova Group. There's no doubt that this acquisition of a controlling stake in one of a major global producers of oil industry equipment is one of the year's biggest business events," commented Oleg Ganeev, Head of Sberbank CIB and Deputy Chairman of the Executive Board of Sberbank. "We are very pleased that while developing long-term and mutually beneficial relations with Renova Group we were able to fully support the implementation of the Group's strategy and apply Sberbank CIB's unique experience, which can be seen in the success of this landmark deal. It's noteworthy that this was the first time Sberbank CIB financed the acquisition of shares of a company that is listed on a Swiss stock exchange."