Lenta stake sold to funds

The disagreement over Oleg Zherebtsov’s 35.4% stake in Russian retailer Lenta has closed in favour of the American Fund TPG Capital and VTB Capital. They have transferred USD110.601 million to Oleg Zherebtsov , Kommersant reported. Moore Capital, which owns 1.5% of Lenta and was interested in buying the entire package of shares signed away its first rights of purchase. In the near future the new Board of Directors of Lenta will include John Oliver, a partner from TPG, Dmitry Shvets the Head of the Russian office of TPG and Timofei Demchenko, the Head of Direct Investment at VTB. They will look at issuing more shares worth USD60 million in the chain to refinance loans.

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