Top managers of Sollers acquired a 77.6% stake in the automaker for 4 billion rubles in 2022
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The amount of the transaction for the purchase by top managers of Sollers PJSC of a 77.6% stake in the automaker from its former main owner Vadim Shvetsov in June 2022 amounted to 4 billion rubles, writes Interfax with reference to the accounts of Alter Invest LLC, which currently acts as the controlling shareholder of the group.
Top managers of Sollers PJSC bought shares from Serenity Invest LLC, controlled by Vadim Shvetsov, under a sale and purchase agreement dated June 20 with an option to buy back up to 50%. “After one year after the purchaser acquires ownership of the shares of Sollers PJSC, the seller has the right to require the buyer to re-alienate to the seller up to 50% of the shares of Sollers PJSC,” follows from the reporting of Alter Invest.
The documents of Alter Invest state that according to the results of last year, financial investments were revalued from 4 billion to 5.35 billion rubles. taking into account the current market value. Since July 6, 2022, Sollers shares have been pledged in favor of the seller “until the buyer fully fulfills all obligations under the contract.”
Kommersant reported on the sale of a stake in Sollers by Mr. Shvetsov in June 2022. According to the interlocutor, the deal was closed on June 24 and was cash, based on the market valuation of assets. Kommersant’s sources specified that Vadim Shvetsov reduced his involvement in the management of Sollers after leaving the post of CEO in 2019. The decision to exit the business and its further sale to top management was explained by the need to change the concern’s strategy.
Read more about the reorganization of “Sollers” – in the material “Kommersant” “Oh Sollers, oh Sollers mio”.
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