After the division of Baring Vostok, the Russian team will pay $150 million and take on a debt of $140 million

The Baring Vostok investment group has decided on the parameters for dividing the business into Russian and international. Like reported Earlier, Russia’s Vostok Investments, led by Elena Ivashentseva, will receive shares in 12 companies, including Ozon. The team is said to be incurring $140 million in bank liabilities and paying the international team $150 million three years after the deal closes. Ozon shares are valued at a symbolic $60,000.

Transaction parameters are described in documents, which Ozon sent to the US Securities and Exchange Commission. As a Baring Vostok representative explained, the $150 million that the Russian team will have to pay is not an estimate of all the assets received. “Essentially, this is a monetary “tail” of a complex multi-level transaction, which is based on the exchange of assets and liabilities,” said a representative of Baring Vostok RBC.

The restructuring of the business has already been agreed with the banks, to which the Russian team will have to pay $140 million. RBC’s source assured that Vostok Investments “will have no problems with financing.” The interlocutors of the publication also noted that the documents on the deal were submitted to the government commission in December. Now they are in agreement.

The Ozon document states that Baring Vostok owns more than 59.97 million shares of the company (27.7%). At the end of March 2022, the investment group had 31.1% (part was diluted by the option program, part was transferred directly to fund investors). In total, as part of the deal, the packages are valued at $60,000. Based on the current capitalization of Ozon on the Moscow Exchange, the cost of such a package is 106.2 billion rubles. or $1.37 billion.

The reorganization of Baring Vostok’s business comes amid the criminal prosecution of the group’s founder Michael Calvey and his business partner Philippe Delpal. In Russia, they were convicted in the case of embezzlement of 2.5 billion rubles. and were given suspended sentences. Now Mr. Calvey and Mr. Delpal are Abroad.

Leonid Uvarchev