CEO: Novomet plans M&A deals in Russia, abroad

MOSCOW, Mar 21 (PRIME) -- Russian oilfield service company Novomet plans several M&A deals on the market of equipment and services for oil production both in Russia and abroad, but after the shareholding structure is finally formed, CEO Maxim Perelman told reporters on Thursday.

“(The deals) are possible, but after the new shareholding structure is formed. We are holding negotiations, but I cannot comment on them,” he said.

Earlier in March, CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that a joint acquisition of a 30.76% stake in Novomet with Saudi Aramco from state nanotechnology company Rusnano was to be closed very soon.

Rusnano Managing Director Dmitry Pimkin told reporters on Thursday that a binding agreement on the stake is to be signed with the RDIF, Saudi Aramco and the Public Investment Fund of Saudi Arabia in two to three months although the price has not been set yet.

Perelman also said that Novomet is in talks with Russia’s Industry Development Fund on investing 500 million rubles in the company’s production and innovation plans.

Novomet plans to open new service facilities in the U.S., Canada, and Egypt in 2019, he added.

(64.2803 rubles – U.S. $1)

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