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INTER RAO YEES OAO Closes First Part of Deal to Sell Stakes in TGK-6 OAO and Volzhskaya TGK OAO-Interfax

Monday, 26 Aug 2013 01:30am EDT 

Interfax reported that INTER RAO YEES OAO (Inter RAO) has closed the first part of a deal to sell minority stakes in power generating companies, TGK-6 OAO (TGK-6) and Volzhskaya TGK OAO (TGK-7). The state company sold 27.7% of TGK-6 and 33.9% of TGK-7 to third party, Inter RAO materials show. A source close to the deal said the buyers were Cyprus-based offshore firms, Merol Trading, which is controlled by the generating companies' shareholder IES Holding, and Lygendor, which business daily Vedomosti reported is acting on behalf of Leonard Blavatnik's Access Industries. The deal to sell the stakes in the generating companies was approved by Inter RAO's board in July 2013. The structure of the deal calls for selling the stakes in two stages. The first involves the simultaneous sale of Inter RAO's whole stake in TGK-6 and part of its stake in TGK-7 amounting to 33.9%. The second stage, the sale of the remaining 7.5% stake in TGK-7, is expected to be closed in 2014. The price of the shares was determined by LLC Independent Appraisal Institute and amounted to RUB 0.4695 per share for TGK-6 and RUB 1.643123 per share for TGK-7. The two deals will therefore be worth RUB 22.8 billion. 

Company Quote

-0.017 -0.91%
9 Jul 2014