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Report: Russian regulator clears Sogaz stake acquisition by Gazprom unit

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Report: Russian regulator clears Sogaz stake acquisition by Gazprom unit

The Russian Federal Antimonopoly Service authorized Gazprom Gazoraspredeleniye to purchase 12.5% of the voting shares of insurance company JSC SOGAZ, Vedomosti reported Dec. 12.

After the transaction, the stake in Sogaz owned by Gazprom Gazoraspredeleniye, a unit of Russian energy giant Gazprom, and affiliated entities will increase to 33.69%, the report noted.

The stake in question is being sold by Kordex, a company indirectly controlled by Ksenia Frank, the daughter of Gennady Timchenko, a Russian businessman who divested his holding in Sogaz at the end of 2014 after being affected by U.S. sanctions over Russia's involvement in Ukraine.