Tavrin and Paliy will create a joint venture for the development of Zarina, Befree and Sela – Kommersant
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The Kismet Capital Group company of the ex-general director of MegaFon Ivan Tavrin and GEM Invest LLC Vladimir Paly will create a joint venture (JV) to manage the Zarina, Befree, Love Republic and Sela networks, reports RBC with reference to sources. The amount of the transaction is unknown. The deal includes all brands operated by Melon Fasion Group and does not include a buyback option by foreign owners. Approvals from government agencies have already been received, the publication claims.
The largest owner of Melon Fashion Group is the Swedish Eastnine AB (it owns 36% of the company). 34% – from the head of the board of directors of the retailer David Kellerman, 11% – from the Swedish MFG Intressenter AB, 7% – from the CEO of MFG Mikhail Urzhumtsev, 12% of the company belongs to other Russian and Swedish shareholders.
It is assumed that the structure and terms of the buyout will look like this:
- at the first stage, Gem Invest will consolidate 89.9% of MFG JSC by buying large blocks of shares from foreign shareholders and partially from minority shareholders (Eastnine, East Capital and Mr. Kellerman will withdraw from the asset, Melon Fashion Group management and other minority shareholders will receive 10 .1% JSC MFG);
- at the second stage, Gem Invest and Kismet Capital Group will create a joint venture based on the repurchased shares, shares and investments in it will be distributed 50 to 50.
August 7 Eastnine reported, which entered into an agreement to sell a 36% stake in Melon Fashion Group for 15.6 billion rubles. The Russian company GEM Invest was listed as the buyer. The deal should close within two weeks. Federal Antimonopoly Service agreed sale.
Details – in the material “Kommersant” “Eastnine gets rid of clothes”.
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