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SSA - AFK Sistema PAO News Story

$5.38 0.0  0.4%

Last Trade - 07/08/20

Mid Cap
Market Cap £1.97bn
Enterprise Value £9.19bn
Revenue £6.56bn
Position in Universe 270th / 1819

UPDATE 1-Russia's Sberbank in talks to buy stake in online retailer Ozon -sources

Thu 4th June, 2020 2:41pm
* Sberbank in talks to take Ozon stake -sources
    * Sberbank may get around 30% holding in Ozon -sources
    * Sberbank plans to transform into banking-to-online group 

 (Adds detail, quotes, background)
    By Tatiana Voronova, Katya Golubkova and Polina Devitt
    MOSCOW, June 4 (Reuters) - Sberbank is in talks to buy a
large stake in online retailer Ozon, four sources close to the
matter said, as Russia's biggest bank prepares to sever its ties
with Yandex.
    The proposed Ozon deal is part of Sberbank  SBER.MM  boss
German Gref's plan to create a one-stop technology platform
offering a wide range of financial and other services. 
    Sberbank is ending two online joint ventures with Yandex
 YNDX.O , having long failed to agree on strategy with the
Russian online giant, and plans instead to join
telecoms-to-medicine firm Sistema  AFKS.MM  and private equity
group Baring Vostok as Ozon stakeholders.*:nR4N2BV02L*:nL8N28Z0JR 
    Under the draft plan, Sberbank could end up with a stake of
around 30% in Ozon after the retailer issues additional shares,
two of the sources said, because neither Sistema  AFKS.MM  nor
Baring Vostok want to sell out. 
    A banker close to the deal said that an agreement was nearly
ready. Sistema and Baring Vostok each own around a 40% stake in
Ozon, one of the rare winners in the coronavirus crisis as
online purchases boom amid a nationwide lockdown. 
    The sources did not say how much Sberbank will pay for the
stake or how Sistema's and Baring Vostok's stakes will change. 
    "Shareholders are not going to leave. Additional share issue
is being considered so Sberbank can join as third equal majority
partner," one of the sources said.
    Yandex.Market, a market place to buy and sell goods which is
much smaller than Ozon, is one of the two joint ventures that
Sberbank and Yandex are ending. 
    Sistema declined to comment on the talks with Sberbank but
said that there had been increased investor interest in Ozon as
it was growing rapidly during the coronavirus pandemic. 
    The sources did not say how a shareholding deal with
Sberbank would impact Ozon's plans for an initial public
offering (IPO) within two years.*:nL8N2B95CA 
    However, Sistema said in emailed comments to Reuters that
the strategic plans for Ozon's IPO remain unchanged.
    Daniil Fedorov, Ozon's chief financial officer, declined to
comment on Sberbank but said that Ozon was considering "various
strategic routes for financing further development."
    "(An) IPO is among them as the company is of interest to a
wide range of public and private investors," he told Reuters.
    Sberbank and Baring Vostok declined to comment.  
    Sberbank, through its stake in Mail.Ru  MAILRq.L , is also
an indirect shareholder in AliExpress Russia, a joint venture
between China's Alibaba  BABA.N , the Russian Direct Investment
Fund, mobile operator Megafon and Mail.Ru.  

 (Reporting by Tatiana Voronova, Katya Golubkova and Polina
Devitt; Additional reporting by Alexander Marrow; Editing by
David Goodman and Alexander Smith)
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