Russia's Summa buys transport group Fesco, brings in partner
MOSCOW Dec 14 (Reuters) - Russian investment and trading group Summa has closed a deal to buy transport group Fesco , bringing GHP Group as a minority shareholder to the asset, Summa said on Friday.
Summa agreed to buy businessman Sergei Generalov's 56 percent in Fesco in June, and Summa's group president Alexander Vinokurov said at the time it would make an offer to minority shareholders.
Vinokurov indicated at the time that Summa ultimately wanted to buy a total of 70 percent of Fesco.
It is unclear how big a stake Summa currently holds in Fesco.
Owned by tycoon Ziyavudin Magomedov, Summa is partly backing the purchase with $800 million of financing provided by Goldman Sachs, ING and Raiffeisen Bank.
GHP, a financial group with a focus on wealth management, real estate and direct investments, among other businesses, is to get a minority stake in Fesco, Summa said. It did not provide other details.
The purchase is Summa's latest move into Russia's ports and rail sector, viewed as a high-growth opportunity by business tycoons and investors because of its importance in carrying Russia's valuable metals and grain exports out of the country.
Fesco's portfolio includes 21 percent of state-controlled rail group Transcontainer . The Russian government has said it wants to further privatise Transcontainer, but it is not yet clear how much will be put on the auction block or when.
Summa's assets include Novorossiysk Commercial Sea Port . It agreed to buy a 50 percent-minus-one-share stake in state grain trader United Grain Company for almost 6 billion roubles earlier this year.
- Air strike kills 15 civilians in Yemen by mistake: officials
- Pope attacks mega-salaries and wealth gap in peace message
- North Korea says Jang Song Thaek, uncle of leader Kim Jong Un, executed
- Probation for drunk Texas teen driver who killed four sparks backlash
- Atheists face death in 13 countries, global discrimination: study