Universal Cargo Logistics buys Freight One stake

1 November 2011 (Last Updated November 1st, 2011 18:30)

Russia-based Universal Cargo Logistics has acquired a 75% stake in Russian Rail subsidiary Freight One for $4.2bn.

Russia-based Universal Cargo Logistics has acquired a 75% stake in Russian Rail subsidiary Freight One for $4.2bn.

The sale is part of state-owned Russian Railways' divestment plan, as well as the Russian Government's overall privatisation programme to raise about $32bn.

Russian Rail is planning to use the proceeds for infrastructure development.

Freight One owns about 21% of Russian rolling stock.