YEREVAN, March 9. /ARKA/. Avet Mirakyan’s Russia-based Insight investment group has acquired the Russian leasing company John Deere Financial, which belonged earlier to the U.S.-based Deere & Company.
The deal was formally registered on Tuesday, March 7. On February 28, before the acquisition of John Deere Financial, Insight investment group had placed a bond issue for 11 billion rubles, according to Frank Media.
Armenia-born Mirakyan, former CEO of SFPI, and his partners created Insight Group in 2022. Mirakyan owns 80% of the company, and the rest is distributed among the group’s top management.
The first issue of bonds worth 53 billion rubles was placed by IG last September. A little later the company had acquired the Siemens Finance, a Russian leasing company owned by German industrial manufacturing giant Siemens AG. Siemens Finance was subsequently renamed to Deltaleasing.
The group is said to be ready to consider the acquisition of leasing assets of all foreigners, who departed Russia after Moscow launched the so-called ‘special military operation’ in Ukraine.
John Deere Financial’s revenue in 2021 was 2.7 billion rubles, with a net profit of 0.9 billion rubles. Apart from agro-industrial companies, the counter-parties of the Russian “subsidiary” Deere include companies of the construction, coal mining and timber industries. -0-
