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M&A: Svyaznoy, Onexim put off consolidation of financial assets

Svyaznoy Group and Onexim Group have postponed the transaction to merge their financial assets, the Kommersant reported.

According to the paper, Onexim is not satisfied with the current state of condition of CJSC Svyaznoy bank, one of the assets supposed to be involved in the transaction.

Earlier, the new holding was expected to include CJSC Svyaznoy-Logistics (a network of retail outlets and the online store), CJSC Svyaznoy bank, OJSC Renaissance Credit and Soglasie insurance company.

Renaissance Credit was supposed to assume the whole of the partners' lending business, while Svyaznoy bank would become a settlement bank. Having the assets merged within one holding, Renaissance Credit would receive some 3,500 outlets, the second largest chain in the market after that of Sberbank of Russia.

Onexim Group is one of the largest private investment funds in Russia, focusing on investments in metals and mining, financial services, media, real estate, innovative power and nanotechnology projects.

The group of companies Svyaznoy is a federal retail network specializing in marketing services of mobile operators in the Russian Federation, personal communication facilities, digital audio, video and photo devides, laptops, portable electronics. It was established in 1995 by Maxim Nogotkov. Svyaznoy also provides secondary guarantee for mobile devices, as well as application installation and configuration, paying agent (for Internet connection, digital TV, public utility charges), and financial services.

Todaym Svyaznoy is operating 3.458 thousand shops in Russia and Belarus.

In 2012, Svyaznoy Group's turnover increased by 70.1% to RUB 509 billion from RUB 299.3 billion for 2011.

"AK&M", 07.02.2014


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