PJSC Tatneft (MISX:TATN) signed an agreement to acquire Tire Business in Russia from Nokian Renkaat Oyj (HLSE:TYRES) for ?400 million on October 28, 2022. The transaction is debt and cash free basis. The final purchase price is affected, among other things, by net cash and working capital adjustment and changes in exchange rate.

After the completion Nokian Renkaat will have no business in Russia. The transaction is subject to approval by the relevant regulatory authorities in Russia and other conditions, which creates substantial uncertainties related to the timing, terms and conditions and the closing of the transaction. As of December 14, 2022, The FAS of Russia has received applications from PJSC Tatneft for the acquisition of equity stakes in the amount of 100% in Nokian Tyres LLC, Hakka Invest LLC and Nokian Shina LLC from Nokian Tyres.

As of February 9, 2023, Russia's Federal Antimonopoly Service (FAS) has approved this transaction. Peter Wand of Baker & McKenzie LLP acted as legal advisor to Nokian Renkaat Oyj (HLSE:TYRES). As of March 14, 2023, Russia's Government Commission on Monitoring Federal Investment has approved the transaction but uncertainties still remain to the final purchase price, timing and exchange rate on the day of payment.

As of March 16, 2023. Nokian Tyres has received the sales price of ?285 million from PJSC Tatneft for the sale of its operations in Russia. The final impacts of the transaction will be disclosed in the first quarter 2023 and After registration formalities in Russia, the transaction will be completed,