VTB Capital has closed its deal to purchase a 35.4 per cent stake in Lenta, in cooperation with TPG Capital.
With its 36 hypermarkets, Lenta is one of the biggest retail chains in Russia.
The deal was supported by all shareholders of the company. The shareholders intend to come to a joint viewpoint with respect to the long-term strategy of developing Lenta in the Russian retail market, especially in the regions.
The investors intend to maximise the shareholder value of the company by improving operational management and strengthening the system of financial control.
Yuri Soloviev, president and global chief executive at VTB Capital, says: “It is very important for VTB Capital to participate in investment projects in socially significant spheres of the Russian economy, particularly in retail business. We continue to support key sectors of the Russian economy. The acquisition of a 35.4 per cent stake in Lenta is but another example of implementation of VTB Capital’s strategy of investing in private companies in Russia and CIS.”
TPG Capital is the global buyout group of TPG, a private investment firm founded in 1992 with approximately USD45bn of assets under management.
VTB Capital, the investment business of VTB Group, focuses on arranging operations in the debt, equity, global commodities markets, developing private investments, asset management, advising clients on M&A and ECM deals in Russia and abroad.
