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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Investcafe
Provider: Investcafe

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AFK Sistema OAO Announces Further Details on Acquisition of Detsky Mir from Sberbank Rossii OAO-Interfax

Monday, 22 Jul 2013 09:50am EDT 

Interfax reported that AFK Sistema OAO (Sistema) has closed the buyback of 25% plus one share in children's goods retailer Detsky Mir from Sberbank Rossii OAO (Sberbank) for RUB 4.5 billion, Sistema said in a statement. The transaction was financed by Sistema's own resources and debt. As a result, Sistema now owns, directly and indirectly, 100% of Detsky Mir. In 2010, Sberbank acquired the 25% + 1 share stake in Detsky Mir through an additional share issue to Sberbank in a private placement. The put option agreement between Sistema and Sberbank, which was signed as part of the sale of Detsky Mir's shares to Sberbank, has been terminated. 

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