Russia's largest port operator Novorossiysk Commercial Sea Port (NCSP) plans to acquire a 100 percent stake in Primorsk Merchant Port, creating the largest port operator in crude oil handling in Russia.
"Combining the capacities of Novorossiysk and Primorsk ports will allow for the creation of the largest stevedoring company in Russia," the company said on Thursday.
The value of the deal and terms of the transaction have not been disclosed.
The deal is part of NCSP's previously announced investment program of diversification and consolidation of its business, the company said.
The transaction Primorsk Commercial Port is conditional on the sale of the controlling stake in NCSP by its controlling beneficiary owners to the beneficiary owners of Primorsk Commercial Port - Transneft and Investment Group Summa Capital, the firm said.
The transaction is subject to approval by the NCSP Board of Directors and the general meeting of NCSP shareholders, as well as state regulators.
MOSCOW, September 16 (RIA Novosti)
