Russian Direct Investment Fund (RDIF) and ports company DP World may acquire a 35-40% stake in Russian transport group FESCO, according to Ziyavudin Magomedov, head of Russian diversified group Summa, a FESCO shareholder. This would involve not a stake owned by Summa, but a stake belonging to its partners. The Summa group will remain the controlling shareholder in the company.
The transaction could be completed by the end of this year, depending on Russia’s antitrust regulator FAS, in terms of the deal approval. According to FAS, the secondary public offering (SPO) of FESCO in favor of a foreign investor may require approvals from the government commission.
Currently, Summa owns a 32.5% stake in Fesco, GHP Group – 23.8%, TPG – 17.4%, and 26.3% shares are in free float, trading on the Moscow Exchange. As of August this year, the total debt of FESCO stood at USD 885.1 million. In the first eight months of the year, FESCO posted revenues of USD 458m and an EBITDA of USD 81.5m.
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