“The structure of the Galician sell the shares of “Magnet” for $700 million

Company Lavreno Limited, the structure of the basic owner “the Magnet” Sergey Galitsky, initiated the sale of shares in a retailer for $700 million

After that, Magnit plans to place additional shares through an open subscription, the company said. Provided that after the implementation of other shareholders pre-emptive rights will remain the required number of new shares, Lavreno plans to fully reinvest the funds received from the sale of its stake, purchasing shares of additional issue, and also buy another 250 thousand new shares of “Magnet”.

The sale of the shares of the retailer belonging to the structure of the Galician will be held on the procedure for the expedited formation of the order book. The organizers of the deal are Merrill Lynch International and VTB Capital plc.

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