The Board of Norilsk Nickel has approved the deal on the sale of up to 39.32% in the Bystrinsky project to the investment fund CIS Natural Resources Fund founded by the Interros group and ESN group. The amount of the deal is $750 mln, Norilsk Nickel reports.
On the result of the completion of the deal Norilsk Nickel will stay the holder of over 50% in the project and will keep the status of the operator.
The completion of the deal will depend on the decision of Highland Fund (Chinese investors from Highland Fund in June 2016 purchased 10.67% in the project) in the framework of the sale of the priority right for the purchase of shares as well as will require the execution of a number of other preliminary conditions and acquisition of the necessary regulatory approvals. The deal is planned to be completed in 2017, Norilsk Nickel reports.
Taking into account the recommendation of the audit committee and the conclusion of J.P. Morgan, the Board of Norilsk Nickel approved the deal and the signing of the legally binding documentation on the deal, Norilsk Nickel reports. The members of the Board of Norilsk Nickel and audit committee who are also members of Interros didn’t participate in the consideration and approval of the deal.
CIS Natural Resources Fund specializes in the Russian assets in the sphere of natural resources.