Gazfond company buys 2.13% Gazprombank stake for 9.4 bln rubles
MOSCOW. Dec 16 (Interfax) - The Gazfond Group paid 9.4 billion rubles for 2.13% of Gazprombank shares acquired by Novfintekh LLC in November, Gazprom said in its IFRS financial results for the first nine months of the year.
The price paid for the stake values the entire bank at 441.5 billion rubles or almost $13.5 billion at the current Central Bank exchange rate.
Gazprombank had capital to IFRS of 389.2 billion rubles at end-September. So, the valuation for the deal with Gazfond was based on a multiplier of a little over 1.1 of capital.
The Novfintekh stock belonging to Gazprombank was acquire by OJSC Gaz-Tekh, which is controlled by the management company NPF Gazfond-Lider. Gaz-Tekh's stake in Gazprombank increased from 8.85% to 10.98% as a result of the deal and the combined Gazfond group's to 49.51%.
Lider is part of the SOGAZ Group insurance group controlled by the bank Rossiya (main beneficiaries - Yury Kovalchuk, Nikolai Shamalov, Gennady Timchenko, and Alexei Mordashov). Gazprom owns 35.5% of the Gazprombank stock and VEB 10.2%.
Gazprombank ended Q3 2013 in 3rd place by assets on the Interfax-100 ranking of Russian bank size.
