UPDATE: Russia’s Safmar group to buy 57.7% in M.Video

(Adds details in last paragraph)

MOSCOW, Dec 14 (PRIME) -- Financial group Safmar, previously known as BIN Group, plans to buy an investment company of household appliances and electronic goods retailer M.Video founders Alexander and Mikhail Tynkovan and Pavel Breyev, which owns 57.7% in M.Video, the retailer’s shareholders said in a statement on Wednesday.

Under the agreement, BIN Group will buy M.Video shares at U.S. $7 apiece. The companies have also agreed that Safmar will make a voluntary offering to purchase shares from M.Video’s minority owners at the price of the major deal, the statement read.

“M.Video will continue working as usual, all managers will keep their posts before and after the deal is closed,” the statement added.

According to the Moscow Exchange, M.Video jumped 12.7% to 414 rubles after the deal’s announcement.

A representative of the Federal Antimonopoly Service told PRIME that the service has not yet received a request to approve the deal from Safmar, which manages assets of the Gutseriyev–Shishkhanov family.

(61.0690 rubles – U.S. $1)

End