Sistema not to acquire 47.7% of Melon Fashion Group

MOSCOW, Mar 6 (PRIME) -- The purchase agreement between apparel retailer Melon Fashion Group (MFG), the owner of Zarina, befree, Love Republic and Sela brands, and multi-industry holding Sistema has been terminated, the seller continues talks with possible buyers, the seller said in a statement on March 5.

“The agreement on the sale of Eastnine’s stake in MFG to Sistema has been terminated. Eastnine will continue to look for ways to withdraw its investment and is in talks with possible buyers,” the statement read.

In October 2022, Sistema was reported to be planning to acquire 47.7% of MFG from Swedish companies Eastnine, East Capital Holding AB and a group of private investors for 15.8 billion rubles.

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