The transaction was signed in October 2022. After the approval of the Russian Governmental Commission, Nokian Tyres received a payment of €285 million from PJSC Tatneft on 16 March 2023.
“This transaction is a prime example of our seamless cooperation across borders. We helped our client Nokian Tyres to navigate through the complexities associated with an exit from Russia drawing on our experience in similar transactions,” commented Peter Wand, lead partner of the transaction.
Nokian Tyres develops and manufactures premium tires for people who value safety, sustainability, and predictability. In 2022, Nokian Tyres employed some 4,500 people and the company’s net sales were EUR 1.77 billion. Nokian Tyres is listed on Nasdaq Helsinki.
The total permissible transaction price defined by the Russian Governmental Commission was 23,050 million ruble. The RUB/EUR exchange rate was determined by the Russian Central Bank on the day of payment was applied.
After registration formalities in Russia, the transaction will be completed, and Nokian Tyres’ operations in Russia will end.
“Due to the war in Ukraine it was no longer feasible nor sustainable for Nokian Tyres to continue operations in Russia. The exit process has been long, but we are satisfied that we are in the final stage of completing it. Our focus is now fully on building the new Nokian Tyres, and we are excited about our new direction,” says Jukka Moisio, President and CEO of Nokian Tyres.
The final impacts of the transaction will be disclosed in the first quarter 2023.
Baker McKenzie acted as lead advisor to Nokian Tyres with a cross-border team led by Corporate/M&A partner Peter Wand (Frankfurt). The team also included a Corporate/M&A: team formed by Denise Tayler, Dominic Boeschen (both associates, Frankfurt), Nick Bryans (partner, London), Ben Saraci, Wian Steyn (both senior associates, London), David Woodcock, and Debaditya Datta (both associates, London), a Sanctions team comprising Anahita Thoms (partner, Duesseldorf), Alexander Ehrle, Kimberley Fischer (both associates, Berlin), Sunny Mann (partner, London), Andrew Rose and Ross Evans (both senior associates, London) and Paul Amberg (partner, Madrid), an IP team with Michael Fammler and Rembert Niebel (both partners, Frankfurt). an IT team with Holger Lutz (partner, Frankfurt), a Capital Markets team with Christoph Wolf (partner, Frankfurt), an Antitrust team including Nicolas Kredel (partner, Duesseldorf) and Jonas Brueckner (counsel, Berlin), and a Dispute Resolution team with Joanna Ludlam (partner, London) and Richard Molesworth (associate, London).
Melling, Voitishkin & Partners (formerly Baker McKenzie Russia) advised with Maxim Kalinin (partner, St. Petersburg), Margarita Divina (partner, Moscow), Olga Anikina (counsel, St. Petersburg), Anton Nazarenko (associate, Moscow), Olga Pankova (associate, St. Petersburg) and Roman Vlasov (associate, Moscow).