Russian miner Norilsk Nickel (GMKN.MM) has sold a 27.7 percent stake in regional power generator TGK-14, the company said in a statement.
Norilsk did not disclose the price of the transaction, nor the buyer. A source close to the deal told Interfax news agency that the sale took place at market terms.
Norilsk has spent billions of dollars on power assets in recent years, banking on the further liberalisation of the electricity market, but last autumn said it was looking to spin off or sell such holdings. The TGK-14 stake sale took place on May 4, Norilsk said. It now holds just 0.01 percent in the company which provides energy to its copper projects located close to Lake Baikal. By 0708 GMT, shares in TGK-14 were down 4 percent at 0.0024 roubles, underperforming a fall of 0.7 percent on the MICEX stocks index . Norilsk shares were down 0.4 percent at 2886.86 roubles. (Reporting by Toni Vorobyova; Editing by Dan Lalor)
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