Rosimushchestvo has begun preparations for the privatization of 23.76% of Aeroflot's shares. The agency announced a selection process for a deal organizer, who will be responsible for valuing the package and conducting its sale.
After the deal, the state's share will decrease from 73.8% to approximately 50.6%. However, the government, represented by Rosimushchestvo, will retain control over the carrier.
Yaroslav Kabakov, Strategy Director at Finam financial group, explained that the state will place the share package at a discount to the market, otherwise 23.76% of the capital “simply cannot be absorbed.”
An alternative could be an accelerated placement through a limited circle of institutional investors. In that case, the discount might be smaller, and the deal would be faster and less noisy. But in both scenarios, the key factor is the placement price. The deeper the discount, the stronger the downward revaluation before the deal.
Currently, Aeroflot operates a mixed fleet, which includes both Airbus aircraft from the A320, A330, and A350 families, and Boeing — models 737-800 and 777.
In the first quarter of 2026, expenses for maintaining the fleet amounted to 7.27 billion rubles. This is 2.2 times more than in the same period of 2025.
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