MTS paid a total of RUB5.9bn for the stake: RUB2.7bn in 2014 and RUB3.2bn in 2018.
As a result of the deal, MTS will have no ownership in Ozon, while Sistema will control 35.6%, of which 16.3% will be through Sistema VC, in which Sistema has an 80% stake.
The deal is targeted to close in early March. The payment will be made in 3 installments, with the third paid in July 2021 (a market interest rate will apply).
The sale will be at the minimum Ozon valuation, with a delayed payment scheme (plus interest) – suggests c30% premium to MTS investments, reports BCS.
“The deal suggests a Rb42bn valuation for 100% Ozon. The price is at the lower end of valuations for the recent deals, in which Sistema and Baring Vostok increased their stakes in Ozon – Kommersant. The price suggests a c30% premium to MTS investments, and a c10% annualized return. Strategy-wise, we were not big believers in the synergies between the carrier and e-tailer,” Maria Sukhanova of BCS Global Markets said in a note.