Irkut Corporation, the leading Russian aerospace group, has completed the acquisition of the Yakovlev Design Bureau. In result of this merger, Irkut's share in the registered capital of Yakovlev Design Bureau has come to 75.46%.
Yakovlev's acquisition was financed by funds raised during Irkut’s initial public offering (IPO) among Russian and foreign investors at the end of March 2004.
"Yakovlev’s acquisition is a logic step in Irkut strategy aimed to build a vertically integrated company providing design, manufacture and support of both military and civil aircraft", said Alexei Fedorov, Irkut President. "Irkut successful offering in the Russian stock market has shown a high level of trust from investors and financial community to perspectives of our company development. I am sure that the merger of the Yakovlev Design Bureau with Irkut as well as a success of the Yakovlev Yak-130 project will contribute to the increase of the company market capitalisation".
Irkut Corporation and Yakovlev Design Bureau signed a letter of intent in spring 2003. An official announcement on acquisition was made in August 2003 at the Moscow Air Show MAKS-2003. Since last autumn, Irkut and Yakovlev were actively coordinating technical and legal issues of the merger that was logically completed with Yakovlev Design Bureau becoming an integral part of the Irkut Corporation.
Yakovlev Design Bureau is one of the most respected and experienced design bureaus in Russia boasting design and development of over 200 types and modifications of aircraft, including 100 types in mass production.
Among the latest developments there is the Yak-130 combat trainer, a winner of the tender organised by the Russia's Ministry of Defence to become the main Russian Air Force trainer.