The founders of the Russian pharmacy chain 36.6, Bektemirov and Krivosheev, are planning to sell 30% of their shares to Roman Avdeev, according to industry experts.
The transaction was initiated a couple of weeks ago and is expected to be finished by the end of the year. Bektemirov and Krivosheev currently hold 40.01% of the pharmacy chain.
Earlier this year, Roman Avdeev, an owner of the Credit Bank of Moscow, bought 52% of the company’s drug producing unit Veropharm.
According to experts, the underlying reason for the transactions is an aspiration to liquidate a financial debt, which amounts to RUR 11.3 billion. For this reason the deal is expected to be financially neutral—only the debt of the pharmacy chain will be converted into capital.
Pharmacy Chain 36.6 is evidently in a very difficult financial position. Nevertheless, ‘the replacement of the main owner offers hope that all the obstacles will be managed successfully’, commented Ivan Kush, an expert from the VTB Group. Still, it is necessary to acknowledge that 36.6 will hardly overcome the crisis in the near future. Of course, an owner plays a very significant role, but who will fill the top manager position is just as important.
36.6 is a leading Russian health and beauty retailer, offering its patients a variety of high-quality, affordable health and beauty products. The chain has more than 800 drugstore outlets in more than 20 regions. In 2012 the revenue of 36.6 amounted over RUR 20 billion. In the first quarter of 2013, the company increased its debt 2.8 times (according to IFRS) in comparison to previous year.