AVIANOVA UPDATE

Dino D'Amore
By Dino D'Amore July 8, 2011 16:38

AVIANOVA UPDATE

Alfa Group’s investment arm A1 decided to sell its 51% stake in Avianova in late 2010, said Dmitry Chernyak, former managing director of the investment group, who quit in March this year.

As reported this week the airline is involved in a scandal concerning locked-out foreign employees. Now sources confirm to various media outlets that the 51% Russian owned stake has been on the block for many months. The stake has been offered to Aeroflot, but Aeroflot management decided not to buy it. A1 wants $70 million for the Avianova stake. A source close to A1 quoted in Russian press says the entire airline is valued at $150 million.

Chernyak told has told the Russian media that he is willing to buy into the airline. He said he and a “first-class institutional investor,” which he declined to name, could finance the purchase themselves. Chernyak also wouldn’t say how much he is willing to offer for the stake. He maintains that it will be profitable for A1. It is reported that the offer is closer to $35m.

Dino D'Amore
By Dino D'Amore July 8, 2011 16:38
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