FAS approved the sale of VEB’s stake in the resort “Zavidovo”

The Federal Antimonopoly Service (FAS) of Russia granted the application of Zavidovo Development for the acquisition of a 40% stake in the authorized capital of Zavidovo Plaza, informed Telegram channel of the department.

Now the company controls 60% in Zavidovo Plaza, which owns the Radisson Resort Zavidovo hotel complex, and 40% is on the balance VEB.RF.

“As a result of the transaction, the acquirer will be able to dispose of a 100% stake in the authorized capital of the Zavidovo resort. At the moment, the company has already established control over Zavidovo Plaza, since it owns a 60% stake in the authorized capital of the resort.

The FAS also expressed confidence that the deal would not limit competition in the hotel services market.

The fact that Zavidovo Development applied to the FAS with a request to acquire a 40% stake in Zavidovo Plaza LLC, which owns the Radisson Resort Zavidovo hotel complex, June 7 informed “Kommersant”. Zavidovo Development, the publication noted, is controlled by the structures of the founder of the Agranta group, Sergei Bachin. The construction of the hotel complex was carried out at the expense of VEB, but Zavidovo Development had problems with servicing a debt of $60 million, and in 2015 the state corporation put forward claims for 3.37 billion rubles. as part of the company’s bankruptcy filing. Two years later, the parties entered into an amicable agreement, according to which VEB and received 40% in the project.

IN VEB.RF then explained that it had no plans to sell its stake in the resort. “The asset development strategy is being worked out,” the state corporation said at the time (quote according to RIA Novosti).

June 17 on the sidelines SPIEF senior business banker VEB.RF Anton Perin told reporters that the Zavidovo project is developing, the corporation expects the full fulfillment of the borrower’s obligations, transmitted TASS.