Irkut (IAPO or Sukhoi to others) buys Yakovlev

Irkut Buys Yakovlev

MOSCOW (Reuters) — Warplane maker Irkut has bought 75.46 percent of aircraft designer Yakovlev for a little less than $70 million in a first step toward a consolidation of the sector, a source close to Irkut said Wednesday.

Irkut had said it intended to buy Yakovlev. It made the purchase using funds it raised last month in a $127 million share placement in Moscow, the source said.

Irkut became the country’s first arms firm to make a public share offering last month when it listed more than 20 percent of its shares on local exchanges, valuing the company at $545 million.

(Moscow Times)

originally posted by g21091956f of The Basement forum.