Russian Steel Tycoon Buys 42% Stake In Food Retailer Lenta
Russian steel magnate Alexey Mordashov has reached a definitive agreement to buy a 41.9% stake, excluding treasury shares, in Russian food retailer Lenta from TPG Group and the European Bank for Reconstruction and Development (EBRD), his firm said on Tuesday.
Mordashov's Severgroup will buy the stake for a total cash consideration of $729 million, it added in a statement.
After completion of the deal, which is subject to an approval by Russia's anti-monopoly regulator, Severgroup will make an offer to all Lenta's shareholders to acquire their stakes at the same price as its deal with TPG and EBRD: $18 per share, or $3.60 per global depository receipt (GDR).
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