Official: Russian watchdog permits Technosila–Eldorado merger

MINSK, Jul 7 (PRIME) -- Russian investment holding Safmar, of the Gutseriyev-Shishkhanov family, has obtained permit from the Federal Antimonopoly Service to merge electronics retailers Technosila and Eldorado, Mikhail Gutseriyev told reporters on Friday.

“We have received (approval) from the Federal Antimonopoly Service, we are merging Technosila with Eldorado. This is a process – you have to transfer property, sell it, give the money. This is a process, the main point is that it has started,” Gutseriyev said.

The businessman said that the merger can take anywhere from one month to 18 months.

Safmar closed the purchase of Technosila in late 2015. It bought Eldorado in December 2016 and a 57.7% stake in M.Video in May.

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