Lukoil sells its diamond business for $1,45 billion

Lukoil sells its diamond business for $1,45 billion
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Arkhangelskgeoldobycha JSC, a Lukoil’s diamond-mining subsidiary, will be sold to Otkrytiye Holding Group for $1,45 billion, Interfax reports on Friday.

Lukoil concluded an agreement on sale of 100% of its stakes in diamond-mining company Arkhangelskgeoldobycha JSC. The price of transaction will be $1,45 billion, the press release of Lukoil says.

The deal closure is scheduled for the first quarter of 2017, after the approval of two governmental bodies is received.

According to the chief vice president of Lukoil, Alexander Matytsyn, the deal will allow the company to efficiently motenize a significant volume of shareholder value, which has been created over the course of the last five years.