Summa Group has completed the acquisition of a stake in Far Eastern Shipping Company (Fesco Group) from Sergei Generalov’s Industrial Investors Group.
The purchase was financed from equity and a loan provided by a syndicate of banks consisting of GoldmanSachs, ING and Raiffeisen. It is a joint purchase involving GHP Group, which is acquiring a minority interest in Fesco Group. The total amount borrowed is $800 million.
Commenting on the closing of the deal, Summa Group President Alexander Vinokurov said: “Fesco is one of Russia’s best transport and logistics companies, and we’re confident that the acquisition will enable Summa Group to extend its geographical reach. Fesco is one of the largest integrated players on Russia’s container and rail market, having its own fleet, rolling stock and container fleet, as well as a network of 70 sales offices in 15 countries and its own port facilities in the Far East. Fesco’s business will soon be fully integrated into Summa Group’s transport and logistics business.
Founded by Ziyavudin Magomedov, now a co-owner, Summa Group is a diversified holding company that combines promising and fast-growing companies involved in port logistics, engineering, construction, telecommunications and oil and gas. The companies of the group employ more than 10,000 people in nearly 40 regions of Russia and abroad.
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Summa Group, December 14, 2012