Energy market: Timchenko sells his Yamal LNG shares to Novatek

Russian gas firm Novatek (NVTK.MM) will make a $650 million acquisition of gas firm Yamal LNG in cash, its chief financial officer said on Wednesday, denying media reports it may make the payment in its shares.

"It is a cash deal... in several tranches. The first tranche will probably be next week," said Novatek's CFO Mark Gyetvay adding that the remaining sum could be raised from the debt market.

Kommersant business daily quoted unnamed source on Wednesday as saying Novatek could grant $650 million worth of its shares to businessman Gennady Timchenko for his 51 percent stake in Yamal LNG.

(with Reuters)