OBI sells Russian company for €1 – media – RT Business News

German home improvement retailer OBI has signed an agreement with a group of Russian investors to divest its business in the country, Vedomosti reported on Saturday, citing sources familiar with the deal.

According to the report, the six legal entities of the Russian chain OBI will be transferred to the ownership of Russian investment and construction conglomerate MAX Group (40% stake) and businessman Josef Liokumovich (60%). Under the agreement, MAX Group may later sell its share of the business to “third.”

According to the sources, the transaction was carried out at the symbolic price of €1.

On March 8, OBI announced that it would cease its activities in Russia, like many other foreign companies, in connection with the situation in Ukraine. In April, reports emerged that Russia’s Federal Antimonopoly Service had approved MAX Group’s bid to acquire OBI’s Russian business. On April 27, the chain of stores began to reopen its stores in the country.

OBI declined to comment on the deal.

Liokumovich was reportedly a friend of the Haub family, owners of OBI in Germany, for many years, a fact he confirmed in an interview with Vedomosti. However, he declined to comment on his involvement in the acquisition of OBI’s Russian assets.

A large hotel chain leaves Russia

Over the past few months, Russia’s OBI network has racked up significant debts and reportedly needs about 4 billion rubles ($64 million) to pay them off and resume normal operations.

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