QIWI closed the deal to sell Russian assets

The QIWI Group has completed a transaction to sell Russian assets to the Hong Kong company Fusion Factor Fintech Limited, said the new HEAD of QIWI Plc (it included the group’s international assets) Alexey Mashchenkov.

“We have completed a very complex transaction on the sale of Russian assets and are now looking forward to new opportunities. Our priority is to create shareholder value and, over time, ensure sustainable and profitable business growth,” Mashchenkov is quoted as saying in the company’s message (available to RBC), which also refers to his appointment to the position.

The company noted that after business restructuring, Andrey Protopopov left the board of directors and the post of chief executive officer of QIWI, but will continue to manage the company’s business in RUSSIA. Elena Nikonova was appointed Chief Financial Officer of QIWI Plc.

QIWI announced its intention to sell its Russian assets to Hong Kong Fusion Factor Fintech Limited, which belongs to Protopopov. The transaction price was 23.75 billion rubles, it was approved by the QIWI board of directors and regulators.

The company noted that the restructuring of the business will allow its international part to maintain its listing on NASDAQ and the Moscow Exchange. In addition, the company will repurchase 10% of its shares from these exchanges to provide "liquidity to those shareholders who choose to monetize their investment" in QIWI Plc. The buyback conditions involve the repurchase of shares at a price of up to 581 rubles. a piece.

NASDAQ in March last year announced the delisting of securities of Russian companies, including QIWI (as well as Yandex, Ozon, HeadHunter, etc.). Trading in their shares was suspended back in February 2022. In order to maintain a listing on this exchange, QIWI decided to divide its business into Russian and international. This will allow it to comply with the requirements of not only NASDAQ, but also the US Treasury Department's Office of Foreign Assets Control (OFAC), which maintains sanctions lists.

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