Sistema Announced Divestment Of RussNeft
OREANDA-NEWS. Sistema JSFC ("Sistema", the "Group" or the "Company") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, announces that it has signed two binding Sale Purchase Agreements ("Agreements") with Bradinor Holdings Limited ("Bradinor") and Cromeld Management Limited ("Cromeld") for the sale by the Company of 25% and 24% stakes in OJSC Oil and Gas Company RussNeft ("RussNeft"), respectively, for a total cash consideration of USD 1.2 billion. The beneficial owners of Bradinor and Cromeld are Mikail Shishkhanov and Felix Dlin respectively. The completion of the transaction is expected in 3Q 2013 and is subject to satisfaction of all conditions precedent.
In addition, Sistema has obtained a call option to possibly acquire stakes in eight exploration and production companies which currently form RussNeft's Urals Group of companies. The decision whether to exercise the call option will be subject to operational considerations, due diligence and corporate and regulatory approvals. The call option is exercisable within three months of the signing of the Agreements.
Mikhail Shamolin, President and CEO of Sistema commented:
"Today's announcement is a milestone achievement for Sistema and its shareholders. In just over three years since the acquisition of our RussNeft stake, Sistema has achieved an impressive return on its investment. Under the diligent leadership of all stakeholders, RussNeft has transformed itself into one of the leading and fastest growing Russian upstream companies delivering excellent operational and financial results. This transaction is another demonstration of Sistema's unique track record of securing transformational deals, applying our value added strategic insight and achieving attractive monetization opportunities."
Комментарии