Shares in Mondi PLC (LSE:MNDI) climbed almost 5% as the FTSE 100-listed packaging firm announced its final Russian assets will be sold off for 80 billion Russian ruble (£0.67 billion).
Though previously pointing to slow progress in gaining regulatory approval, Mondi announced on Monday that Russian authorities have now given the green light.
Sezar Invest LLC will pay for Mondi subsidiary Syktyvkar in six monthly instalments under the deal, with ownership expected to be transferred in December this year.
The move will mark Mondi’s exit from Russia, with shareholders set to receive their shares of the sale once Moscow-based Sezar has paid in full.
Shares in Mondi rose 4.6% to 1,398.5p.