Reuters reported that Russian freight operator Globaltrans Investment has won the right to buy MMK-Trans a subsidiary of Magnitogorsk Iron & Steel Works.
The Kommersant daily citing several sources reported that MMK owns a 50% in MMK-Trans, while the rest is controlled by Globatrans executives Sergei Maltsev and Alexander Eliseev who are also set to sell their stakes.
It added that the deal may be worth around USD 300 million and could be announced in the next two weeks. Globaltrans beat other companies, including NefteTransService, for MMK-Trans, which operates around 3,500 units of rolling stock.
Globaltrans is aiming to take advantage of continued liberalisation in a Russian freight market previously dominated by state-owned monopoly Russian Railways, and plans to continue its expansion through acquisitions.
According to a recent presentation by the company, over 70% of the country's freight rail fleet is now privately owned.
