(Updates with confirmation from Gazprombank and adds details in final paragraph)
MOSCOW (ICIS news)--Gazprombank is planning to sell Sibur to the Russian petrochemical producer’s management for $5.4bn, the banking subsidiary of gas giant Gazprom said on Tuesday.
Gazprombank has signed a preliminary management buyout agreement with the management team, it said in a statement.
The deal’s total valuation would be roubles Rb53.5bn ($2.27bn) cash plus 2% of Sibur's 2007 net profits in addition to the assumption of Sibur’s debt by the new owners.
Gazprombank controls a 75% interest in Sibur, while Gazprom's pension fund Gazfond owns the remaining 25%.
The management team includes Sibur CEO Dmitry Konov and his deputies Vladimir Razumov, Alexey Filippovsky, Vitaly Baranov and Mikhail Karisalov.
($1 = Rb23.6)