Russian conglomerate Sistema has signed a deal to acquire SG-Trans, the country's biggest independent operator of railcars for transportation of LPG, the company said Tuesday.

Sistema will pay a total cash consideration of Rb22.77 billion ($730 million) for 100% of SG-Trans, in a deal which the company hopes to close by the end of this week, it said in a statement.

The Russian government previously approved a tender to select a buyer for SG-trans.

Sistema, which owns a majority share in Russia's eighth largest oil producer Bashneft, said that the acquisition is in line with the company's strategy to develop a strong position in the LPG transportation market.

"We believe Sistema is well positioned to benefit from this acquisition due to SG-Trans' leading position in the Russian LPG transportation market and our now combined fleet of 34,500 railcars," Sistema CEO Mikhail Shamolin said in the statement.

Through Bashneft, Sistema has controlled 50% of railcar operator Financial Alliance since August. In September, its subsidiary Sistema-Venture Capital assumed operational management of one of Russia's leading rail operators Transportno-Logisticheskaya Kompaniya, the statement said.

The acquisition of SG-Trans is "a significant value creation opportunity, through potential restructuring and optimisation efforts, adjustment to market rates and the exploration of possible strategic options for SG-Trans' gas storage and retail segment," the statement said.

Sistema and Bashneft are now looking at options to combine its rail investments under one management team, the company said.