The S8 Capital holding company, owner of the state lottery distributor Stoloto, bought the Russian assets of the Finnish elevator manufacturer Kone – LiftConnect JSC. This was reported in a press release from S8 Capital.
This is not the first asset of this type in the holding company’s portfolio. Thus, in 2022, S8 Capital signed an agreement to buy the Russian business of the American elevator manufacturer Otis. Since 2023, the company has been producing elevators in Russia under the Meteor Lift brand.
It is reported that the agreement with Kone includes the purchase of the company’s service portfolio, which amounts to more than 7 thousand pieces of equipment, including high-speed elevators in six regions of the Russian Federation.
More than 300 specialists will retain their jobs and move to the Meteor Lift service division.
The transaction amount is not disclosed. One of the interlocutors of the Kommersant newspaper estimated it at between 500 and 1 billion rubles.
As a result of the merger, Meteor Lift’s total service portfolio grew to 51.3 thousand units of elevators, escalators, moving walkways and turnstiles. The number of service units was about 50.
S8 Capital Armen Sargsian it develops IT solutions in the financial and commercial sectors, telecommunications and media, as well as has distributor of state lotteries “Stoloto”.
Author:
Anastasia Marina
Source: RB
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