PPF Group increases Eldorado stake

PPF already owned 50% plus one share of Eldorado. The chain's founder Igor Yakovlev sold the remaining stake in this latest transaction, the financial details of which remain confidential.

PPF stated that the consolidation of ownership in Eldorado had been one of its strategic priorities from the start, and believes it will allow it to be a significant player in the Russian retail market.

Previous funding
PPF acquired a majority stake in Eldorado in 2009, in what was understood to be a debt-for-equity swap valuing the stake at $300m.

Company
Moscow-based Eldorado is a consumer electronics and household appliance retail chain. The company is present in 450 towns and cities across Russia, totalling approximately 700 stores (including franchises).

The group posted a €2.05bn turnover with a 27.5% gross profit margin in 2010.

People
Jiri Smejc led the deal for PPF. Igor Yakovlev is the founder of Eldorado.

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