September 3 (SeeNews) - The Romanian transport ministry said it signed the contract for the sale of a 51% stake in Romanian rail freight carrier CFR Marfa to local privately-held railway operator Grup Feroviar Roman (GFR).
GFR will pay 904.98 million lei ($260 million/204.2 million euro) for the stake, the transport ministry said in a statement late on Monday.
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The deal is pending approval by the country's competition council.
GFR was declared winner of CFR Marfa's privatisation tender in June after filing the only binding offer. The company pledged to invest a further 900 million lei in the struggling rail freight carrier.
A consortium of Austria's Donau-Finanz and Romania's Transferoviar Grup also took part in the tender procedure but failed to submit a binding bid.
(1 euro = 4.4325 Romanian lei)