TPG Capital, VTB Capital Buy Stake in Russia’s Lenta

U.S. private equity firm TPG Capital, Russia’s VTB Capital and the European Bank for Reconstruction and Development have agreed to a $1.1 billion deal to acquire 44% of Russian retailer Lenta, Reuters reported. The firms will buy the St. Petersburg-based Lenta from its majority owner, August Meyer. The deal values Lenta at $2.6 billion.

(Reuters) – U.S. private equity firm TPG, Russia’s VTB Capital and the EBRD signed a $1.1 billion deal to buy 44 percent of St Petersburg-based retailer Lenta from its main owner August Meyer, sources told Reuters.

“The agreement has been signed. The company is valued at $2.6 billion,” one of the sources close to the deal told Reuters on Tuesday.

Lenta, which has been touted as a possible takeover target for Wal-Mart and Carrefour , has been the subject of a long-running shareholder dispute between the TPG/VTB alliance and Meyer.

(Reporting by Denis Pinchuk and Maria Plis; writing by Maria Kiselyova; editing by Alfred Kueppers)