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News ServiceForexMarket AnalysisProducts and Services
26/05/2014
16:24
M&A: Neftegazprod buys 64% of Olimpiyskiy shares

CJSC Neftegazprod is declared the winner of the open auction to sell 64% of the shares in OJSC Olimpiyskiy Sports Complex, according to the press service of Moscow city government's Department for Competition Policy.

Three companies bid for the stakes in Olimpiyskiy held by Moscow city (49%) and OJSC Cross-Industry Investment Fund (15%).

The starting price of the shares was RUB 4.45 billion, the bid increment was RUB 222.5 million. The final bid was RUB 4.673 billion.

Following the deal, the new shareholder intends to preserve the asset profile and to extend the range of services provided.

Olimpiyskiy (tax number: 7702014159) is Russia's unique multi-purpose sports and entertainment center which has all reasons to be called one of Moscow's tourist attractions. It was constructed for the 22nd Moscow Olympics (1980). The sports complex consists of two main buildings, the stadium and the swimming pool. Since its construction, Olimpiyskiy has been the greatest sheltered sports facility of Europe.

Olimpiyskiy provides health improvement and sports services hosting sports, concert and entertainment events, exhibitions, trade fairs and other corporate events.


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