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. Last Updated: 07/27/2016

Sberbank Capital Takes Mosmart Stake

Sberbank Capital concluded a deal for the purchase of retail chain Mosmart last week, a source close to Mosmart and a Sberbank employee told Vedomosti.

A new company was registered, and former Mosmart owner Sarnatus Trading, controlled by Mikhail Bezelyansky and Andrei Shelukhin, transferred 100 percent of its shares in the retailer, which owns 23 stores and four shopping malls.

Sberbank Capital received a stake of 50 percent plus two shares in the new company; Yevgeny Novitsky, a member of Sistema’s board of directors, got 10 percent minus one share; and Sarnatus Trading retained 40 percent minus one share.

Sberbank Capital restructured 3 billion rubles ($97 million) of Mosmart’s debt and gave it new long-term loans of 3.9 billion rubles at 17 percent to 18 percent interest.

A source close to Mosmart’s management said Novitsky, along with Bezelyansky and Shelukhin, would receive stock options. If the company services its debt and hits certain financial marks by the end of 2010, Novitsky can increase his stake to 51 percent and Sarnatus can raise its to 49 percent by buying out Sberbank Capital.

In mid-June, Mosmart’s total debt stood at 7.5 billion rubles, 2.5 billion of which was due to its suppliers, chief executive Vitaly Podolsky told Vedomosti.