June 20, 2018 / 7:02 AM / 5 months ago

M.video to pay Safmar $170 mln for Ceconomy's Russian stores-source

MOSCOW, June 20 (Reuters) - Russian consumer electronics retailer M.video plans to buy Media-Markt Russian stores from its shareholder Safmar Group for $170 million, a source close to one of the companies said on Wednesday.

M.video will acquire the stores once Safmar completes the acquisition of the German consumer electronics group Ceconomy’s Russian business, the source said.

Ceconomy said earlier on Wednesday it had agreed to sell its loss-making Russian business to Safmar and take a 15 percent stake in M.video, confirming Reuters reports. (Reporting by Olga Sichkar; writing by Maria Kiselyova, editing by Christian Lowe, Louise Heavens)

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