The Romanian Ministry of Transport said on Monday that Grup Feroviar Roman (GFR), the private railway operator, signed the privatization contract for acquiring a 51 percent stake in state-owned CFR Marfa, the rail freight operator.
The GFR, which is controlled by the Romanian railway tycoon Gruia Stoica, has to pay EUR 202 million in the next six weeks to seal the deal.
“Up to now the Ministry of Transport and the Romanian government respected all its commitments and legal procedures, being on track with the privatization schedule of CFR Marfa,” said the Ministry of Transport in a statement.
The privatization contract was signed by Cristian Ghibu, president of the privatization commission and state secretary within the Transport Ministry and by Sorin Chinde, general director of GFR.
The buyer will make a single payment for the CFR Marfa stake, which includes the tender guarantee worth EUR 10 million and the escrow deposit representing 10 percent of the acquisition price.
The deal is pending approval from the Competition Council.
CFR Marfa’s privatization is part of the agreement concluded with international lenders.