Gazprom is selling a 49 per cent stake in its media holding company for about $900m.
This sale is to shore up company’s finances and refocus on core business. The transaction will allow Gazprom to cut debt and reduce exposure to the media business.
For the last 5 years the company has spent $1bn in the unit.
Evrofinance is to acquire the Gazprom Media stake in a cash and debt write-off deal worth $100m, followed within a few months by assuming the group's $700m debt.
Gazprom is 38 per cent owned by the state, and Evrofinance, previously a subsidiary of Russia's central bank, is now held by state-controlled companies.