17:20 GMT +3 hours27 November 2014
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Lisin buys Freight One rail cargo stake in $4.2 bln deal

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Russia's Universal Cargo Logistics Holding (UCL Holding), owned by billionaire Vladimir Lisin, has bought 75 percent minus two shares of Freight One, a rail cargo subsidiary of state monopoly Russian Railways, in a $4.2 billion deal, a UCL Holding spokesperson told RIA Novosti on Friday.

Russia's Universal Cargo Logistics Holding (UCL Holding), owned by billionaire Vladimir Lisin, has bought 75 percent minus two shares of Freight One, a rail cargo subsidiary of state monopoly Russian Railways, in a $4.2 billion deal, a UCL Holding spokesperson told RIA Novosti on Friday.

"The maximum declared price ... amounted to 125.5 billion rubles," head of auction commission Valery Krasnovsky said after the auction.

The auction for the sell-off of the stake had a minimum price of 125 billion rubles.

The sale of 75 percent minus two shares in Freight One is a part of the government's 2011-2013 privatization plan intended to bring an extra 1 trillion rubles ($33 billion) to state coffers.

Transoil firm owned by billionaire Gennady Timchenko and NefteTransServis rail cargo transportation company also bid at the auction.

Lisin already owns major transport assets including port facilities in St Petersburg and Tuapse, and Independent Transportation Co, a rail freight firm. He also owns at least 80 percent of NLMK, one of Russia's largest steelmakers, according to the firm.