The acquisition was made by a Nordcom, joint venture involving VSMPO-Avisma’s management and Gazprombank, which holds 25% in the venture while the remaining 75% ownership lies with Avisma.
According to the agreement, Nordcom will own majority 45.4% stakes accounting to total 50.1% control over the company including previously bought 4.5% stakes.
VSMPO-Avisma chief executive Mikhail Voevodin said that the company became the major shareholder and would continue to increase its share in the global titanium market.
Voevodin added that the deal should close in one to two weeks after approval by the Federal Anti-Monopoly Service.
Before the acquisition, Russian Technologies owned 70.42% of titanium arm, its management owned 4.6% and the remaining 24.98% was reportedly in free float.
