April 28, 2017 / 3:05 PM / 4 months ago

BRIEF-Russia's Safmar group completes acquisition of M.video

April 28 (Reuters) - Russian consumer electronics retailer M.video:

* SAFMAR Group has acquired 57.7 percent of M.video from Alexander Tynkovan and his partners at the price of $7 per M.video share, SAFMAR Group said in a statement;

* M.video will be renamed SAFMAR Retail and will become the management company for retail chains M.video and Eldorado, as well as the Marketplace (goods.ru) project;

* Retail chains M.video and Eldorado will continue to be developed separately;

* Alexander Tynkovan will continue to serve as General Director of M.video (SAFMAR Retail);

* Alexander Tynkovan and Pavel Breev will purchase a 20 percent stake in the equity of Marketplace;

* The regulatory conditions set forth by Russia's Federal Anti-Monopoly Service with regards to the transaction will have no material impact on the business of SAFMAR Retail;

* On April 28, 2017, SAFMAR Group made a voluntary tender offer to minority shareholders of M.video concerning the acquisition of their ordinary shares in the company at the price of $7 per share;

* The tender offer will remain open for a period of 71 days. Further company coverage: (Reporting by Moscow Newsroom)

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