Aquarius Group, one of the largest Russian manufacturers of computer equipment, has pledged 70% of IQ Holding and 99.99% of Aquarius Technology to a Sber structure. Although the pledge does not mean a change of ownership, market sources associate this with the company's financial difficulties - high debt burden, investment expenses and cash gaps due to the specifics of public procurement. The head of Aquarius, Alexey Kalinin, did not rule out that Sber may increase its stake in the company.
In 2024, Sber acquired 12% of Aquarius and may increase its stake. According to the head of the company, Alexey Kalinin, SberInvest acts as a financial investor with the right of veto on key issues, but does not participate in management.
The head of Aquarius noted that the company needs significant investments, and market forms of raising capital are still limited due to the high rate and lack of support measures. An IPO is being considered in the future.
The debt of A-Holding is 4.5 billion rubles, IQ Holding is 1 billion rubles. Analysts consider the company vulnerable due to the high Debt/EBITDA ratio and the predominance of short-term debt. In case of problems with payments, Sber may foreclose on the pledged shares, or this may be part of a broader transaction.
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