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It came to light in March 2016 that Dubai Ports World (UAE) and the Russian Direct Investment Fund intend to purchase a 49% stake in NUTEP, a major container company of the Novorossiysk port.
Arab company to purchase 49% stake in Novorossiysk based major container company
It came to light in March 2016 that Dubai Ports World (UAE) and the Russian Direct Investment Fund intend to purchase a 49% stake in NUTEP, a major container company of the Novorossiysk port. The transaction provides for an option enabling the acquisition of 100% in the target company after 2030.
Today, DPW and RDIF have already agreed on the acquisition of 49% shares in NUTEP including the 100% acquisition option with DELO group, the owner of the target company. Indicative commercial terms and conditions have been signed so far.
The price of the transaction will be calculated based on NUTEP's appraised value being $330 million minus its debts. The balance will be divided in the following proportion: 50% will be received by DELO and the other part will be invested to develop the asset. The first chairman of the board of directors will be nominated by DELO and the group will also retain the right to nominate candidates for the position of CEO. However, key decisions will require the approval of at least one director nominated by each shareholder. Pursuant to the agreement, Dubai Ports World will refrain from competing with the group in the Russian sector of the Black Sea.
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