Safmar Group buying 57.7% of M.Video at $7 per share
MOSCOW. Dec 14 (Interfax) - The principal shareholders in Russian home electronics and appliance retailer M.Video - Alexander Tynkovan, Mikhail Tynkovan and Pavel Breev - are selling their stakes in the company to the Safmar Group, which represents the interests of the Gutseriev/Shishkhanov family.
Safmar will acquire 100% of the investment company owned by Alexander Tynkovan and his business partners, the parties to the deal reported. The investment company has a 57.7% stake in M.Video.
A necessary condition of the deal is a voluntary offer that the buyer will make to minority shareholder to purchase M.Video shares at the same price being paid to Tynkovan and his business partners.
The deal will be closed once all permissions and clearances from regulators are received. A representative of the Federal Antimonopoly Service (FAS) told Interfax that no filing concerning the deal had been received.
M.Video's current management team will continue running the company after the sale is closed, and Tynkovan and Breev will continue providing the support needed, to ensure continuity and maintain forward momentum in developing the business in the interests of shareholders, partners, employees and clients.