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Russian Phone Retailer Looking to Sell Minority Stake to Investors
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Russia's second largest mobile phone retailer, Svyaznoy is planning to sell a minority stake in the company for up to US$600 million, local news media has reported.
The sale would be for a stake in the fast growing retailer of 25-30%, the company President told BFM news.
Although the company has it heritage as a phone retailer, it has recently expanded into more general consumer electronics, but also most notably into setting up its own retail bank. The company has around 3,000 retail outlets across Russia and is growing by around 30% per year.
Although the Group recently secured US$300 million in debt funding for its bank operations, the funds from the stake sale will be used to finance further expansion of the retail chain.
The company had planned to look for a stock market floatation last year, but the ongoing European sovereign debt crisis put an end to those plans.
On the web: BFM
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