November 8, 2012 / 9:41 AM / 5 years ago

Russia's Evraz sells rail unit to NefteTransService

MOSCOW, Nov 8 (Reuters) - NefteTransService, one of Russia’s largest private rail operators, has won an auction to buy rail operator Evraztrans from steelmaker Evraz, the companies said.

Russia’s biggest steelmaker said in June that it was considering selling non-core asset Evraztrans. [ID: nR4E8GO00D]

NefteTransService is paying around $300 million dollars for Evraztrans alongside a transport services contract, beating out rivals that included billionaire Vladimir Lisin and Globaltrans , the Kommersant daily reported.

NefteTransService spokeswoman Natalya Drizhak confirmed the company had signed an exclusive agreement to buy Evraztrans but said the sale had not yet been formally completed.

Evraz also confirmed that the two companies had agreed on the sale, which is expected to close before the year’s end.

“In addition, the winning company will close a long-term contract to provide wagons for the transport of essential goods for Evraz,” NefteTransService said in a statement.

NefteTransService said that Evraztrans’ assets included more than 4,000 wagons.

Last year, Evraztrans carried 19 million tonnes of cargo, and generated revenues of 4.3 billion roubles ($136.45 million), with a net profit of 2 billion roubles, according to data from Interfax analysis service SPARK, quoted by Kommersant.

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