Henkel Agrees to Sell Russia Business to Local Consortium for Around EUR600 Million

By Pierre Bertrand

Henkel AG said Thursday it has signed an agreement to sell its business activities in Russia to a consortium of local financial investors.

The company, which said it would leave Russia in April last year, said the consortium includes Augment Investments, Kismet Capital Group and Elbrus Services.

The agreed purchase price amounts to 54 billion rubles, or around 600 million euros ($657.3 million), according to Henkel.

"All acquirers have established and longstanding business relationships in Western countries and are not subject to EU or U.S. sanctions," Henkel said, adding that relevant Russian authorities have approved the deal.

Henkel said the final closing of the transaction is pending.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

April 20, 2023 13:26 ET (17:26 GMT)

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