Said Gutseriev agrees to sell stake in M.Video

MOSCOW. April 29 (Interfax) - Said Gutseriev, the major beneficiary owner and member of the board of directors of M.Video-Eldorado Group, has informed the group that he has reached an agreement to partly or fully dispose of his stake in PJSC M.Video, owned directly and indirectly, to a group of Russian businessmen.

The transaction is expected to be closed by the end of 2022 and is subject to finalization of binding documentation, regulatory and corporate approvals as well as lenders' consents, M.Video said in a press release.

Gutseriev plans to remain on the board of directors for as long as new investors need to support the continuity of the current corporate governance practices. "He expressed confidence that the new owners will ensure the further implementation of the adopted business strategy, the continuity of operating model, management team and corporate values of the Group, as well as act in the best interest of customers, employees and partners," the company said.

The potential buyers were not disclosed.