MOSCOW, May 12 (Reuters) - Russian power firm InterRAO will pay holding company Sistema up to 14 billion roubles ($464 million) for a 40 percent stake in Bashkirenergo as part of a deal to split the regional utility’s assets, the firms said on Saturday.
Bashkirenergo plans to demerge its electricity grid and power generation assets and hand control of the separate divisions to the two main shareholders.
The split will see InterRAO, which currently owns a 25.08 percent voting stake in Bashkirenergo, obtain control of the utility’s 4.2 gigawatts of power-generating assets.
Sistema, which owns a 50.53 percent Bashkirenergo stake, will control Bashkirenergo’s power distribution grid.
According to the terms of the agreement, InterRAO and Sistema will each have more than 75 percent of votes in the demerged units - BashEnergoAktiv and Bashkir Power Grid Company respectively, the companies said in a joint statement.
The deal is expected to close in the fourth quarter of 2012 or first quarter of 2013.
Bashkirenergo’s and Sistema’s shareholders will vote on the proposed reorganisation next month.
$1 = 30.1450 Russian roubles Reporting by Anastasia Lyrchikova; Writing by Maria Kiselyova; Editing by Melissa Akin