Siemens’ Financial Services division has entered into an agreement to acquire the Russian commercial finance company DeltaLeasing from The US Russia Investment Fund, managed by Delta Private Equity Partners.
Siemens said that the deal represents a significant step in the international growth strategy of Siemens’ Financial Services (SFS) unit, positioning SFS as a substantial player in the Russian asset financing market. DeltaLeasing has a pan-Russian platform of 15 full service offices and 285 employees.
The transaction is subject to Russian regulatory approval and expected to close in the first quarter of the calendar year 2011.
SFS CEO Roland Chalons-Browne said by adding DeltaLeasing, Siemens will be further expanding the network as an international service provider and are systematically complementing the equipment finance business in one of the key emerging markets.
"We can now robustly grow DeltaLeasing’s existing core business while helping the Siemens Sectors even better to win new customers and to expand existing customer relationships," Chalons-Browne said.