Russian Helicopters Holding Company has signed with the Emirati Tawazun Holding Company an agreement on the basic terms of the transaction for the purchase of a 50% stake in VR-Technologies.
The document was signed by Director General of Russian Helicopters Andrey Boginsky and Director General of Tawazun Tareq Abdul Raheem Al Hosani.
The agreement defines the main parameters of the future transaction, including the stake to be acquired by the UAE investor; Tawazun will become the owner of half of the shares of VR-Technology company, which is developing promising helicopters and unmanned aerial vehicles.
The transaction is planned to be finalized in the 1st quarter 2020.
Created in 2014, VR-Technologies LLC is the innovation design office of Russian Helicopters to offer competitive research and technical solutions in the helicopter industry.
Upon the acquisition of a stake in VR-Technologies, Tawazun representatives will enter the company's Board of Directors, and their rights will be equal to those of the members representing Russian Helicopters.
“I am sure that the investments of our partners will fasten the development of VRT300 and VRT500 projects and will give impetus to new developments of advanced helicopter and UAV systems. Our agreements also provide cooperation in promoting these products in the markets of the Middle East and GCC in particular. Both rotorcrafts have good prospects in the region, where solutions for the development of urban air mobility are becoming increasingly popular", noted Sergey Chemezov, CEO of Rostec State Corporation.