Billionaire Suleiman Kerimov is to sell his 47 percent stake in Russian real estate developer PIK Group for $599 million, a local newspaper reported Tuesday.
The buyer of Kerimov's equity will be Sergei Gordeyev, a former senator in Russia's upper house of parliament and a sponsor of architectural preservation projects, who is looking to gain control of the company, Kommersant newspaper reported.
A deal has not yet been concluded but talks are at an advanced stage, a source told the paper.
The sale is the latest in a series of divestments by Kerimov. Last week fellow billionaire Mikhail Prokhorov said he would buy Kerimov's stake in fertilizer giant Uralkali for an estimated $4.35 billion.
Kerimov owns 36 percent of PIK Group directly, while Russian bank Otkritie owns 11.4 percent on Kerimov's behalf, Kommersant reported.