MOSCOW, February 19. /TASS/. Mining and metals company Polymetal entered into an agreement for the sale of its Russian business to Mangazeya Plus based on an estimate of $3.69 bln, the company said.

Polymetal "announces today that it has entered into contracts for the divestment of its Russian business for an effective total consideration of approximately $3.69 billion," the company informed. "Completion of the Transaction is subject to a number of conditions, including shareholder approval," it noted.

The company expects the transaction will be closed by end of March 2024, Polymetal noted.

The deal will be implemented by way of selling 100% in the holding company of Russian assets of the group to Mangazeya Plus. All the payments within the deal framework will be made in Russian rubles via financial institutions noted covered by sanctions.