UPDATE 1-Russia's Sistema sells stake in Russneft for $1.2 bln

Fri Jun 21, 2013 3:29am EDT

MOSCOW, June 21 (Reuters) - Russian oil-to-telecoms conglomerate Sistema said on Friday it had signed a deal to sell its 49 percent stake in oil firm Russneft for $1.2 billion.

Sistema said it would sell 25 percent of Russneft to Bradinor Holdings Limited, a company belonging to businessman Mikhail Shishkhanov, nephew of Russneft's 49-percent shareholder Mikhail Gutseriev from whom Sistema bought the stake for around $100 million in 2010.

The other 24 percent stake will be bought by Cromeld Management Limited, which is ultimately owned by businessman Felix Dlin. Sources say he is also close to Gutseriev.

The deal is expected to be completed in the third quarter, Sistema said in a statement.

Sistema, which also controls mid-sized oil producer Bashneft , said it had obtained a call option to acquire stakes in eight exploration and production companies from Russneft, exercisable within three months.