M.Video owners in talks to sell electronics chain to Promsvyazbank - paper

MOSCOW. Jan 28 (Interfax) - The owners of PJSC M.Video (M.Video-Eldorado Group), one of Russia's largest consumer electronics and appliance retailers, are holding negotiations to sell the chain, newspapers Kommersant and Vedomosti reported on Tuesday, citing sources.

Vedomosti reported one source close to the company as saying that the retailer is holding talks with "a bank," and another saying that the retailer has already conducted an audit and that Promsvyazbank (PSB) might be the potential buyer.

Kommersant reported sources as saying that Sberbank and state bank VTB are also interested in the retailer.

One source valued M.Video, with its inventories, at 300 billion rubles.

A spokesman for M.Video told the papers that the company does not comment on rumors.

M.Video CEO Bilan Uzhakhov became the group's majority shareholder last year. He indirectly owns 53.633% of shares in M.Video through a number of companies, including ILLC Ericaria, which directly owns 50% of the retailer.

SFI (formerly Safmar Financial Investments), an investment group controlled by the Gutseriev family, owned 10.37% of M.Video as of December 31, 2023.