Russia’s Safmar says Tehnosila can merge with Safmar Retail

MOSCOW, May 17 (PRIME) -- Russian financial group Safmar does not rule out a merger between electronics retail affiliate Tehnosila and division Safmar Retail, which is also a future owner of the M.Video and Eldorado electronics chains, founder of the group Mikhail Gutseriyev told reporters on Wednesday.

“Sometime in the future, yes, we will merge,” Gutseriyev said, adding that the company has not asked the antitrust for permission yet.

Earlier in May, Safmar of the Gutseriyev and Shishkhanov families closed a purchase of a 57.7% stake in M.Video from its founders at U.S. $7 per share. The group acquired Eldorado in December 2016 and Tehnosila in late 2015.

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