Russia's Gazprom and SUEK, the country's largest coal producer, are to form a joint venture with an estimated value of $18 billion.
"The valuation of the joint venture falls between $12 billion and $18 billion, but I think it will be in the neighborhood of $14 billion to $18 billion," a source close to the deal told Reuters.
The deal, which will be completed by September, has to be approved by Russia's Federal Anti-monopoly Service (FAS).
The venture will become Russia's largest electricity holding company after the breakup of Unified Energy System (UES).
Gazprom and SUEK bought nearly a quarter of the assets sold by Unified Energy System last year.
Before Unified Energy System completes the sell-off of its assets by July, it must find buyers for several other power producers, giving Gazprom a chance to expand further into the sector as their main rival, EnergoPolyus, decided to scrap the power firm's creation and sell all of its electricity assets instead.
"The valuation of the joint venture falls between $12 billion and $18 billion, but I think it will be in the neighborhood of $14 billion to $18 billion," a source close to the deal told Reuters.
The deal, which will be completed by September, has to be approved by Russia's Federal Anti-monopoly Service (FAS).
The venture will become Russia's largest electricity holding company after the breakup of Unified Energy System (UES).
Gazprom and SUEK bought nearly a quarter of the assets sold by Unified Energy System last year.
Before Unified Energy System completes the sell-off of its assets by July, it must find buyers for several other power producers, giving Gazprom a chance to expand further into the sector as their main rival, EnergoPolyus, decided to scrap the power firm's creation and sell all of its electricity assets instead.
Source: PressTV
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