June 19, 2018 / 8:06 AM / 2 months ago

Ceconomy nears Russia deal, considers capital increase -sources

FRANKFURT/DUESSELDORF, June 19 (Reuters) - German consumer electronics group Ceconomy is expected to strike a deal within days to sell its loss-making Russian business to Safmar and take a 15 percent stake in Safmar’s M.video , three people close to the matter said.

The group, which owns retail chain Media-Saturn, is considering a capital increase to finance the transaction and bolster capital cushions, the people said.

One of them said it was mulling a capital hike of roughly 10 percent, which would raise around 280 million euros at the company’s current market value.

Ceconomy had no immediate comment. ($1 = 0.8639 euros) ($1 = 64.1075 roubles) (Editing by Maria Sheahan)

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