Russian industrial group Interros said Monday it had sold 30.4 percent of the Silovye Mashiny energy infrastructure firm to the Highstat company of metals billionaire Alexei Mordashov, Interros said. "Interros announces the completion of a deal for the sale of its stake in Silovye Mashiny to Highstat," Interros said in a statement.
Silovye Mashiny provides equipment to the power, gas and atomic energy industries and had a turnover of 579 million dollars (411 million euros) last year. Interros did not reveal the price of the deal, saying only that it was "based on the current stock market price of Silovye Mashiny shares." Interfax quoted an unnamed source close to the deal as saying the price was 470 million dollars (333 million euros).
Siemens, which currently owns 25 percent of Silovye Mashiny, was prevented by Russia's anti-monopoly commission from buying the stake. In addition to Highstat's 34 percent stake and Siemens' stake of 25 percent plus one share, the other major shareholder is the Russian power monopoly UES, also with 25 percent plus one share.
Mordashov is the main shareholder of steel giant Severstal. Interfax quoted a representative for Mordashov as saying he did not plan to incorporate Highstat into Severstal.