M.Video, Sber, Tynkovan to boost goods.ru, Sber to invest 35 bln rbl

MOSCOW, Jan 28 (PRIME) -- Russian electronics seller M.Video–Eldorado Group has signed a memorandum of intent with ecosystem Sber and founder and co-owner of goods.ru Alexander Tynkovan to develop marketplace goods.ru together, M.Video-Eldorado said on Thursday in a statement.

The parties expect to conclude a binding agreement in January–June following completion of due diligence and after all the necessary approvals and permits have been granted by corporate governance bodies and the Federal Antimonopoly Service.

Sber intends to invest about 35 billion rubles, which will be mainly injected into further development of goods.ru.

Sber also plans to acquire a part of M.Video-Eldorado’s stake in goods.ru. As a result, Sber’s ownership in goods.ru will amount to 85%, with the holdings of M.Video-Eldorado and Tynkovan to 10% and 5%, respectively. All three parties are to be represented on the board of directors of the marketplace.

The partners expect that the integration of goods.ru into the Sber ecosystem, combined with Sber’s capabilities, expertise and strong experience in e-commerce, as well as synergies with other projects in the Sber ecosystem, such as SberMarket, SBER EAPTEKA (Sber ePharmacy), SberLogistics and Samokat, will transform goods.ru into one of Russia’s key e-commerce companies.

Goods.ru will become the main multi-category e-commerce platform for Sber, where 18 main categories with 2.5 million products are represented today, and their number will increase in the future.

M.Video-Eldorado Group will focus on developing its core business while remaining a partner in the joint venture.

(75.0400 rubles – U.S. $1)

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