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Russian retailer M.Video to buy Eldorado chain for $797.6 mln

March 22, 15:50 UTC+3

The company plans to complete the deal during the second quarter of 2018

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© Anton Novoderezhkin/TASS

MOSCOW, March 22. /TASS/. The Russian consumer electronics retailer M.Video announced convocation of an extraordinary general meeting of shareholders to approve acquisition terms for the Eldorado chain. The deal price will be up to 45.5 bln rubles ($797.6 mln). Shares will be redeemed by May 28, Chief Financial Officer of M.Video Ekaterina Sokolova said on Thursday.

The meeting of shareholders will be held on April 13. The company plans to complete the deal during the second quarter of 2018 and perform restructuring and creation of a single legal entity by the first quarter of 2019.

The stock redemption price is fixed as 401 rubles ($7) per ordinary share.

A loan amounting to about 40 bln rubles ($700.5 mln) will be raised to implement the deal, M.Video said.

M.Video has been operating since 1993 and is the largest player in the Russian retail market for household appliances and electronics.

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