PRESS: Blagosostoyaniye to sell off TransFin-M

MOSCOW, Jun 24 (PRIME) -- Pension fund Blagosostoyaniye plans to sell off its stake in leasing company TransFin-M to a company of former CEO of railway cargo operator Federal Freight, part of Russian Railways, Alexei Taicher, Kommersant business daily reported on Monday citing sources.

The buyer is TFM-Garan, in which Taicher controls 70%, according to the sources.

The deal will be performed in the form of a management buyout.

A representative of Blagosostoyaniye confirmed the agreement without disclosing the buyer.

"The deal is priced around 35 billion rubles which corresponds to a 1.4x markup to the capital. Part of the sum has been obtained from TFM in the form of dividends," Kommersant quoted the person.

A source familiar with the situation said that the deal will be mainly financed with borrowed funds granted by VTB Bank.

Representatives of VTB Bank and TFM-Garan declined to comment.

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