18 Jul 2022 09:08

MAX Group of Investment & Construction Cos cleared to buy OBI's Russian business

MOSCOW. July 18 (Interfax) - The Federal Antimonopoly Service (FAS) has approved an application from MAX Group of Investment & Construction Companies to acquire the Russian business of German home improvement retailer OBI, the regulator said in a press release.

"The acquirer and the company being acquired operate on different markets. MAX Group of Investment & Construction Companies develops construction projects, [while] OBI is engaged in trade of non-food goods, provision of utility services and leasing buildings," the FAS said.

MAX Group of Investment & Construction Companies (MAX GICC) is acquiring 100% of shares in OBI Franchise Center LLC, OBI Director Import and Supplies LLC, Volzhsky Asset Management LLC, Sdelai Svoimi Rukami (Do It Yourself) LLC and Sdelai Svoimi Rukami Northwest and Sdelai Svoimi Rukami Kazan.

The FAS reported in late April that it had received an application from MAX GICC to acquire OBI's Russian chain of home improvement stores.

OBI closed its 27 Russian stores and halted operations in the country in March. In April, it emerged that OBI had pulled out of the Russian business. The founder of consulting firm Audit Group and law firm Sezar Consulting, Boris Lyuboshits became temporary manager of the assets for transfer to a new investor.

OBI, which had worked in Russia since 2003, had 4,900 employees in the country.

MAX GICC specializes in developing construction projects. Ilya Kolobkov, who owns stakes in construction company Samis LLC and Moscow Existential Research Institute is named as the owner of MAX GICC.