(Adds Safmar comment, background)
PRAGUE/MOSCOW Dec 9 Czech investment groups PPF
and Emma Capital have sold their Russian electronics retailer
Eldorado to Russian company Safmar, PPF said on Friday, without
giving financial details.
Safmar, a company of Russian businessmen Mikhail Gutseriyev
and Mikail Shishkanov, confirmed the deal and said it was part
of its strategy to diversify business.
Safmar, which also owns Eldorado's smaller Russian rival
Tekhnosila, said in an emailed statement it hoped to exploit
synergies between the newly acquired chain and its logistics and
real estate businesses as well as to develop online sales.
Eldorado, Russia's second-biggest white goods retailer
behind M.video, had sales of 92 billion roubles ($1.5
billion) in the first nine months of 2016.
PPF, Czech tycoon Petr Kellner's investment group, owned 80
percent of Eldorado, with Emma Capital holding the rest after
PPF sold it a stake in 2014.
Russian media reported this year that PPF and Emma Capital
were in talks with multiple parties to sell the retailer, which
has more than 600 shops in over 200 Russian cities.
PPF also has assets in Russian banking and real estate
sectors and owns a minority stake in gold producer Polymetal
($1 = 62.5044 roubles)
(Reporting by Jason Hovet in Prague and Olga Sichkar in Moscow;
writing by Jason Hovet and Maria Kiselyova; editing by David