Novorossiysk Commercial Seaport is gently nationalized using Transneft's vehicle

Novorossiysk Commercial Seaport (NCSP:LI), which handles oil exports from the Black Sea port, last night reported that it is preparing to acquire 100% of Primorsk Commercial Seaport, Russia’s largest crude stevedoring company. We believe that the acquisition might cost some $1 bln.

One of the key conditions of the transaction is for Novorossiysk Commercial Seaport’s majority shareholders, which own 50.1% of the group, to sell their stake to Transneft and the Summa Capital investment group (which represents the interests of Ziyagivud Magomedov). Transneft and Summa Capital will hold equal stakes in the acquired shares.

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