VTB sold the Marathon Group for almost 12% of “Magnet”

Moscow. May 24. INTERFAX.RU – VTB Group sold 11.82% of the shares of the retail network “Magnit” the Marathon Group, the Bank said. VTB did not disclose the amount of the transaction, noting that the market value of the package amounts to 62.5 billion rubles ($1.02 billion).

The Marathon Group was founded in 2017 by the former head of investment company A1 Alexander Vinokourov and his partner Sergey Zakharov.

The share of VTB in the “Magnet” after the transaction has decreased to 17.28%.

“VTB group became the capital of the company “the Magnet” in February 2018, and still considers this acquisition as long-term investments, planning to bring “Magnet” to a qualitatively new level of development. The decision of the VTB group on the reduction of its participation in and partial sale of shares in the capital of “Magnit” based on the totality of factors, including acceptable risk profile of existing investments and level of proficiency sufficient for participation in company management through the Board of Directors,” said VTB.

Group VTB has closed the deal to buy Sergey Galitsky 29% stake in the retail chain “Magnit” in mid-March. Transaction amount – RUB 138 billion (4,661 thousand rubles per share – a discount to the market price at the time of announcement of the transaction). OOO “VTB Infrastructure investments” received 29.1 percent of the shares of PJSC “Magnit”. The proportion of Galician in the company fell to 3% from 32.1% (including indirect ownership).

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