Making good on a memorandum of understanding signed earlier in 2010, Russian investment bank Troika Dialog sold a combined 17.1% of its interest in OAO KamAZ. State-owned Russian Technologies was the biggest purchaser, taking 12.1% at a cost of USD 428 million. Daimler AG increased its 10% share by 1% while the European Bank for Reconstruction and Development picked up the remaining 4%. Upon completion of the deal, Troika’s stake will be reduced to 27.3 % while Russian Technologies will see an increase to 49.9%. The combined transactions valued KamAZ at USD $2.5 billion.
Established in 1969, KamAZ is Russia’s largest manufacturer of heavy and light-duty trucks, buses, engines, and related parts and equipment. The company sells and leases vehicles mainly in Middle Eastern and South American countries. Customers in Saudi Arabia, Iran, Chile, and Venezuela are among the company’s large client list. The more than 46,000 KamAZ employees produced roughly 48,000 vehicles in 2008, generating revenues of USD $3.9 billion. KamAZ is based in Naberezhnye Chelny.