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[ferro-alloys.com] Mechel OAO (MTL), one of the leading Russian mining and metals companies, announces signing an agreement for disposal of several ferroalloys assets to Turkey's Yildirim Group.
According to the agreement, Yildirim Group acquires Mechel OAO's Voskhod Mining Plant (Khromtau, Kazakhstan) and Tikhvin Ferroalloy Plant (Tikhvin, Leningrad Region, Russia) for a total of 425 million US dollars.
The buyer will pay the entire sum toMechel OAO immediately after the deal's closure. In order to close the deal, all required approval by Kazakh and Russian regulatory agencies and both sides' corporate management agencies is due to be obtained.
Societe Generale Corporate and Investment Bank, ING Bank and Dechert LLP are advising Mechel on this transaction.
"This agreement was signed in line with the strategy on restructuring the group's assets, earlier approved by our Board of Directors. The funds our company will get from this deal will help the company to deleverage and continue to finance its priority development projects,"Mechel OAO's Chief Executive Officer Evgeny Mikhel noted.
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