Russian state gas firm Gazprom is merging its power assets with privately held IES Holding, The Wall Street Journal reports. The two companies will combine their assets to create a Russian electricity group worth around $15 billion.
As a part of the agreement, Renova Group, the controller of IES, will get a 25% stake in Gazprom Energoholding. Gazprom and IES may sell shares in the merged company through an initial public offering.
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