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UPDATE 1-Czech groups PPF and Emma Capital sell Russian retailer Eldorado
December 9, 2016 / 5:08 PM / a year ago

UPDATE 1-Czech groups PPF and Emma Capital sell Russian retailer Eldorado

(Adds Safmar comment, background)

PRAGUE/MOSCOW, Dec 9 (Reuters) - 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 Clarke)

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