2 Nov 2010 13:53

Inter RAO buys 26.75% of Petersburg Sales Co.

MOSCOW. Nov 2 (Interfax) - OJSC Inter RAO UES became on October 29 the owner of 26.75% of the charter capital (24.99% of the votes) in OJSC St. Petersburg Retail Company , the holding said in a statement.

The shares were purchased from the Finnish outfit Fortum, an Inter RAO representative told Interfax. Fortum held 31% of the power sales company originally, and Inter RAO plans to finalize the acquisition of Fortum's entire stake in Q2 next year.

The representative added that the entire share packet acquired from Fortum would be consolidated after receiving authorization from Russia's Federal Antimonopoly Service (FAS).

The deal price tag is likely to be in the neighborhood of 1 billion rubles. Fortum had initially been looking to get 1.5 billion rubles.

The controlling stake in the St. Petersburg company, part of power sales company OESK, belongs to OJSC RusHydro , but is operated by Inter RAO.

Petersburg Retail was formed when retail assets were spun off from Lenenergo in which Fortum held a stake.