Czech PPF gains full control of Russian retailer Eldorado.

By bne IntelliNews August 23, 2011
Czech private equity group PPF has gained full control of Russian retail chain Eldorado after agreeing to buy the remaining 50% stake, Ceska Pozice reported. The value of the deal was not disclosed but according to Russian daily Kommersant, PPF will pay USD 625mn to the business founder, Russian entrepreneur Igor Yakovlev. PPF bought 50% plus one share in the retailer in April 2009 in a debt-for-equity deal that valued the stake at USD 300mn. Eldorado sells household appliances and consumer electronics through its network covering Russia, Kazakhstan and Ukraine. The acquisition is in line with PPFs plans to become a significant player on the Russian market, PPF shareholder Jiri Smejc said. The deal has already been approved by the Russian Federal Anti-Monopoly Service. In Russia, PPF owns consumer lender Home Credit and has a minority stake Nomos Bank, which conducted a London initial public offering in April 2011.
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