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Russian regulator greenlights Blagosostoyanie's plan to sell leasing unit

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Russian regulator greenlights Blagosostoyanie's plan to sell leasing unit

Russia's Federal Antimonopoly Service approved TFM-Garant's plan to acquire leasing company TransFin-M Public Co. from NPF Blagosostoyanie, a nonstate pension fund controlled by Russian Railways, RBC reported Aug. 26.

The Russian competition regulator initially refused to clear the transaction and agreed to approve the deal only after Alexey Taycher — who holds a 70% stake in TFM-Garant — resigned as adviser to Russian Railway's head and as member of the board of directors at PJSC State Transport Leasing Co., the newswire noted.

Having secured the regulatory approval, TFM-Garant plans to complete the transaction in the near future.

NPF Blagosostoyanie agreed to sell TransFin-M to TFM-Garant in June. The value of the transaction amounted to roughly 35 billion Russian rubles, with part of the price paid in the form of dividends from Transfin-M, Russian media outlets reported at the time.

As of Aug. 23, US$1 was equivalent to 65.93 Russian rubles.