AvtoVAZ buys Nissan’s Russian assets from NAMI for 1 euro

MOSCOW, Feb 7 (PRIME) -- Russia’s largest carmaker AvtoVAZ has closed an acquisition of former Nissan’s assets in the country from the Central Scientific Research Automobile and Automotive Engines Institute (NAMI) for 1 euro, the company said in a statement on Tuesday.

The assets include Nissan Manufacturing Rus, the car plant in St. Petersburg. The carmaker acquired a 99% stake in the plant, while NAMI will retain 1%.

The deal includes a 6-year buy back option for Nissan conditional on the Russian government’s approval, AvtoVAZ said.

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