Arkady Rotenberg successfully tapped Stroygazmontazh to Miller

The businessman closed the deal to sell Gazprom’s largest contractor, the buyer was a subsidiary of the gas monopoly, and the deal amounted to about 75 billion rubles.
08.11.2019
RBC
Origin source
How much Rotenberg sold Stroygazmontazh

The sale of contractor Stroygazmontazh, owned by Arkady Rotenberg, has been closed. This was told to RBC by a source close to the company, and a source surrounded by Rotenberg, and also confirmed the representative of the businessman.

The buyer was Gazstroyprom, the new single contractor of Gazprom, where the monopoly has 49%, and the rest is owned by Gazprombank structures and individuals, RBC interlocutors said. According to one of them, the deal amounted to about 75 billion rubles. Previously, two sources close to preparing the deal told RBC that Rotenberg had agreed to sell the contractor for about 75 billion rubles. A Gazprom spokesman declined to comment.

Arkady Rotenberg created Stroygazmontazh (SGM) in 2008. Then it is for 8.3 billion rubles. bought five construction subsidiaries from Gazprom along with contracts: Lengazspetsstroy, Volgogradneftemash, Spetsgazremstroy, Krasnodargazstroy and Volgogaz. Their total turnover in 2007 amounted to 43.5 billion rubles.

Stroygazmontazh began to grow rapidly and in 2014 became the largest contractor of Gazprom with revenue of 225 billion rubles. Since the end of 2014, Rotenberg became the owner of 100% of Stroygazmontazh directly. Together with Stroygazconsulting Ziyad Manasir and Stroytransneftegaz Gennady Timchenko and his partners, the companies formed the so-called Big Three of contractors.

Five years ago, in an interview with Interfax, Rotenberg called Stroygazmontazh his brainchild. “We bought several companies that were lying on their side, and made a company that became one of the leaders in the oil and gas construction market. Introduced new technologies, strengthened personnel, changed the control and reporting system. Now the SGM works like a clock, we are proud of it, ”the businessman explained. Investments in SGM and other businesses since 2009 amounted to more than 55 billion rubles., Said Rotenberg. Gazprom has remained the anchor customer of Stroygazmontazh for all these years, but the company also received other large contracts.

For 2014–2018, the revenue of Stroygazmontazh amounted to 1.5 trillion rubles, and the amount of dividends paid was 77 billion rubles, follows from the SPARK database.
The assets of Stroygazconsulting have already become part of Gazstroyprom. And after Rotenberg’s company, Gazprom’s structure also plans to buy Stroytransneftegaz, where Gennady Timchenko owns 31.5% of Volga Group, RBC sources close to Gazprom, Gazstroyprom and Timchenko reported. Volga wants to sell the asset before the end of 2019, one of them said.

Gazprom returns the assets sold

Stroygazmontazh is not the only contract business Rotenberg bought from Gazprom, and now it is selling monopoly structures. Gazstroyprom also plans to buy out Gazprom Drilling, a major drilling contractor (now the company is controlled by Igor Arkady Rotenberg’s son). In 2011, Rothenberg Sr. bought an asset at auction for 4.05 billion rubles. The businessman invested 40 billion rubles in the development of the company, a spokesman for Gazprom Drilling told RBC. Since then, the company paid shareholders 25 billion rubles. dividends. The parties agreed to sell Gazprom Drilling for 58 billion rubles, sources told RBC.

Where can a businessman invest from a deal

Rotenberg plans to allocate funds from the sale of Stroygazmontazh to invest in Russia, his representative told RBC, but did not specify the details.

In 2019, Forbes estimated Rotenberg’s fortune at $ 2.6 billion, his interests are represented in various business areas: he controls Mostotrest (94.2%, a large infrastructure contractor, revenue in 2018 - 133 billion rubles), “Mineral Fertilizers ”(80%, revenue in 2018 - 33.6 billion rubles), and also owns 35% in TPS Avia, which controls Sheremetyevo International Airport, 50% of SMP Bank, etc.

In June, Rotenberg announced the creation of the largest infrastructure contractor in Russia with VEB. VEB's share in the enterprise will be 50%, another 50% - at Stroyproektholding (already controlled by a major contractor Mostotrest) Rotenberg. The partners plan to expand the competence of the new contractor to other areas of infrastructure construction - energy, ports and railways. The new company planned to diversify its business through the purchase of “the assets of the largest players in these industries” - the 1520 group of companies (one of the main construction contractors of Russian Railways), TEK-Mosenergo, owned by Igor Arkady Rotenberg’s son, Trust Hydromontazh (“daughter »" TEK-Mosenergo ") and others. A representative of Rotenberg on Thursday, November 7, refused to clarify whether the proceeds from the sale of Stroygazmontazh would be directed to a joint venture with VEB.
 
On November 5, VEB announced that it had issued a loan to Baltic Chemical Complex (BHC) for the construction of a gas chemical complex in Ust-Luga. BHC is the subsidiary of Rusgazdobycha owned by Artyom Obolensky, chairman of the board of directors of SMP Bank Arkady Rotenberg and his brother Boris. Until 2016, control at Rusgazdobycha belonged to Rotenberg, then he sold his stake to Obolensky, who became the sole shareholder of the company. BHC plans to build a $ 13 billion gas chemical complex in Ust-Lug. VEB’s head Igor Shuvalov said the bank approved a 111 billion rubles loan for the Ust-Lug project. The representative of Arkady Rotenberg told RBC that the businessman does not plan to invest funds from the sale of Stroygazmontazh to sell this gas chemical complex in Ust-Luga.

Rotenbergs can hardly be called classic businessmen, given the many contracts around government projects, says Advance Capital managing director Karen Dashyan. According to him, the Rotenbergs have made many commitments on major infrastructure and road concessions and are likely to send money from the sale of assets to Gazprom structures for these projects, and not to technological projects and the consumer sector.

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