MOSCOW, April 11 (RIA Novosti) - Interros, Russia's largest non-energy financial industrial group, said Tuesday it had clinched a deal to acquire a 35% stake in U.S. energy products provider Plug Power (Nasdaq: PLUG).
Interros and Russian metals giant Norilsk Nickel (RTS ticker: GMKN), in which Interros holds a controlling stake, will conduct the $241-million deal through special arm Smart Hydrogen, a 50-50 joint venture that currently holds a 3.2% stake in Plug Power.
The transaction is expected to be completed in June 2006 subject to shareholder and regulatory approvals.
Plug Power is a leading U.S. designer of environmentally clean and reliable energy products with a market capitalization of more than $550 million.
