Russia's Sistema buys SG-Trans rail firm for $735m
FK Sistema, Russia's largest publicly-traded diversified holding company, has acquired SG-trans, the country's largest operator of specialized railcars for transportation of liquefied petroleum gas, for 22.77 billion rubles ($735 million), Sistema said, RIA Novosti reported.
The agreement on acquiring 100 percent of SG-trans was signed on Tuesday and came into force on Thursday.
The signing of the agreement followed the Russian government's approval of a tender to select a buyer for SG-trans.
"This acquisition is in line with Sistema's strategy to develop a strong position in the transportation market," Sistema said in a statement.
"Sistema sees a significant value creation opportunity in SG-trans through potential restructuring and optimization efforts, adjustment to market rates and the exploration of possible strategic options for SG-trans' gas storage and retail segment," Sistema said.
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