VTB reduces stake in logistics JV with Russian Post, plans exit by year's end

MOSCOW. April 14 (Interfax) - VTB has reduced its stake in its joint venture with Russian Post, National Logistics Technologies (NLT), and plans to exit the venture by the end of this year, the state bank's press service told Interfax.

NLT reported that as of January 17 Russian Post became the owner of 74.99% of the company, and Logistics Infrastructure LLC owned 24.99%. A small stake was also owned by a minority shareholder, information about whom was not disclosed in the report.

VTB said it is steadily implementing the previously agreed strategy to exit NLT. In line with agreements, VTB reduced its stake in the venture by selling 12.5% to Russian Post in December 2024.

"The remaining equity stake, which amounts to 25%, will be sold to Russian Post in accordance with the terms of option agreements. VTB intends to complete the exit from NLT's equity before the end of 2025," the bank said.

VTB and Russian Post established NLT in 2018 to build 38 logistics centers across the country with combined area of more than 400,000 square meters. The partners each owned 50% minus one share in the JV and planned to invest 20.4 billion rubles each in the venture over three years.

NLT closed 2024 with net profit down 50.6% to 291.2 million rubles on revenue up 22.6% to 1.4 billion rubles.