MOSCOW, Jul 19 (PRIME) — Russian multi-industry holding Basic Element (BasEl), owned by tycoon Oleg Deripaska, has sold a 4.35% stake in En+ Group to VTB Capital for U.S. $500 million, the bank said Tuesday.
As a result of the deal, BasEls stake in En+ Group decreased to 20.65% from 25.00% earlier, a representative of En+ said in a separate statement. Deripaska holds a controlling stake in En+. The exact size of the stake is not available.
We believe that En+ has immense growth potential that is primarily related to the strengthening cooperation between Russia and China in the energy, metals, and mining sectors, Yuri Solovyov, first deputy president and CEO of VTB Bank, was quoted as saying.
VTB Capital is an investment arm of VTB Group.
En+ Group combines Deripaskas power, metal, oil, and gas assets. En+ Group holds a 47.41% stake in the worlds largest alumina and aluminum producer UC RUSAL, it also owns Russias largest independent power producer EuroSibEnergo and one of the leading suppliers of ferromolybdenum to the global market SMR, as well as significant coal assets and a logistics business.