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VTB sells 11.8% in Magnit retailer to Marathon Group

May 24, 9:46 UTC+3

As a result of the deal, VTB's share in the authorized capital of Magnit decreased to 17.28%

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© Vitaliy Timkiv/TASS

MOSCOW, May 24. /TASS/. VTB sold 12.05 mln shares (11.82%) in Magnit retail network to Marathon Group, the bank said on Thursday.

The amount of the deal was not disclose. The value of the stake, based on the closing price on MICEX on May 23, 2018, is 62.5 bln rubles ($1.02 bln), VTB said.

As a result of the deal, VTB's share in the authorized capital of Magnit decreased to 17.28%. The decision to sell a stake in Magnit was based on a combination of factors, including acceptable risk profile for ongoing investments and a level of ownership sufficient to participating in the management of the company through the board of directors.

In February, VTB signed an agreement with Magnit on the acquisition of a 29.1% stake in the retailer. Thus, VTB became the largest shareholder of the retailer, with the transaction amounting to 138 bln rubles ($2.25 bln).

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