The second largest retailer in Russia, Magnit, signed binding documents on the purchase of a pharmaceutical distributor, SIA Group, from its shareholder, the retailer says. The structure of Magnit will acquire 100% of shares in the authorized capital of MF-SIA LLC, it has already applied to the Federal Antimonopoly Service for prior consent.
The seller of SIA Group is Marathon Group, Alexander Vinokurov. At the end of May, this investment company announced that it had bought 11.8% of Magnit from VTB, and it credited the transaction (on the day of the transaction, a similar package on the stock exchange cost 62.5 billion rubles). A few weeks later it became known that Magnit could purchase a pharmaceutical distributor from a new shareholder.
The main parameters of the transaction the board of directors of Magnit reviewed and approved a month ago. It is assumed that Magnit will pay for the pharmaceutical distributor no more than 5.7 billion rubles. with its ordinary shares, and Marathon Group will not be able to sell them for three years after the transaction. The representative of "Magnit" clarified that the Marathon Group will receive in the "Magnet" no more than 1.4%, taking into account the retailer's quotes at the beginning of October.
For the deal with its shareholder, Magnit also expanded the share repurchase program by 5.7 billion rubles. to 22.2 billion rubles. Of which 5.7 billion rubles. will pay for the transaction, and 16.5 billion rubles. - for a long-term motivation program.
The “Magnit” minorities immediately were wary of plans to buy non-core business. “There is no obvious logic in such a deal, Magnit has problems in its core business, the company needs to restore growth, build a team of managers,” said Alexey Krivoshapko, director of Prosperity, earlier.
The CEO of Magnit, Olga Naumova, explained that the retailer needed the deal in order to develop the trade in cosmetics, household chemicals and medicines. “Drugs are a separate supply chain with their own complex specifics in terms of licensing and other strict requirements,” explained Naumova in an interview with Vedomosti in September. - We do not have such a separate logistics network. <...> We built warehouses that were not created for such a selection, they are designed to work with pallets and boxes. It turns out that we must somehow finish building warehouses in order to ensure the storage and collection of cosmetics. ”
Revenue "SIA Group", according to her, in 2017 - 54.5 billion rubles. The company's debt - 10.7 billion rubles. The main creditor of SIA is the largest shareholder of Magnit VTB (its share is 17.28%).