Severgroup agrees to buy 42% in Lenta for $729 mln

MOSCOW, Apr 2 (PRIME) -- Severgroup of Russian businessman Alexei Mordashov has agreed to buy a 41.9% stake in retailer Lenta for around U.S. $729 million, the company said in a statement on Tuesday.

“Severgroup… announces signing of binding agreements with Luna Inc (investment company of TPG Group) and the European Bank for Reconstruction and Development (EBRD) on Severgroup buying Luna Inc’s and EBRD’s global depositary receipts (GDRs) for shares of Lenta Ltd, one of Russia’s largest retailers, accounting for around 41.9% of Lenta’s shareholder capital at a price of $3.6 per GDR ($18 per share),” the company said.

The deal requires an approval by the Federal Antimonopoly Service.

After closure of the deal, Severgroup will make a mandatory offer to Lenta’s shareholders to buy out their shares or GDRs of Lenta at a price of $3.6 per GDR ($18 per share).

Lenta’s largest shareholders include TPG Group, with a 34.13% stake, and EBRD, with a 7.4% stake. Free float accounts for 57.22%. Lenta said in late March that Severgroup was in talks to buy a stake in the company from TPG.

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