Iida Group Holdings Co., Ltd. (TSE:3291) agreed to acquire a 75% stake in Russian Forest Products Group for approximately $530 million on June 8, 2021. While the remaining 25% will remain with the current shareholders. Until the end of 2026, the company must invest $2.10 million in renovation and opening of new timber processing facilities in Far East, increase processing of RFP Group's timber from 752,000 m3 to 1.7mn m3, use a full timber processing cycle, and keep the average number of RFP Group's employees at the level of not less than 2,612 people.

As on December 31, 2020, Russian Forest Products Group reported revenue of $203.696 million, assets of $300.498 million, EBIT of $8.477 million and net assets of -$157.226 million. The transaction was approved by board of Iida. As of December 2, 2021, Russian Government Commission For Foreign Investment Monitoring issued permit to Iida Group to buy 75% in the forest industry group RFP Group.

Transaction is expected to complete in the middle of January, 2022. As of January 7, 2022, the transaction is expected to close on January 14, 2022.