Panama-based company Lamesa Holding S.A. has purchased 3.01% shares in Samara-based power generating company Volzhskaya TGC (TGC-7) and increased its share in the company to 6.38%, Kommersant reports.

The deal price has yet to be disclosed, but is estimated by experts at $70m.

According to Kommersant, Lamesa Holding’s beneficiary is Victor Veksekberg, the owner of IES-Holdings, controlling 37.57% shares in TGC-7.