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Mostotrest Buys Into NWCC

The country's largest bridge-builder, Mostotrest, has agreed to buy a 50 percent stake in North-West Concession Company, or NWCC, for 7.8 billion rubles ($245 million) to diversify its operations, the company said Monday.

Mostotrest said that on Nov. 8 its board of directors approved the purchase of a stake in NWCC, which is building a section of a toll highway between Moscow and St. Petersburg.

The acquisition is part of a plan to diversify Mostotrest's infrastructure holdings and enter other construction-related segments with stable cash flows, the company said.

A consortium led by French infrastructure company Vinci owns the other half of NWCC.

(Reuters)

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