TPG, VTB Finalize Lenta Deal

MOSCOW (Reuters) – Private equity firm TPG Capital and the private equity arm of Russian state bank VTB (VTBR.MM) finalised the purchase of a 35.4 percent stake in Russian hypermarket chain Lenta, banking industry sources said.

One of the sources on Wednesday said that the purchase price was $115 million.

According to several sources, TPG acquired between 28.4-30.0 percent of the company and the bank purchased the rest.

TPG and VTB declined to comment on the sale, and Lenta could not be reached for comment.

The deal was first announced in the Russian press last month. [ID:nL7551568]

Lenta is Russia’s fifth largest retailer with 36 hypermarkets in 17 cities and had sales of $2.34 billion in 2008.

(Reporting by Maria Plis, writing by Alfred Kueppers; editing by Elaine Hardcastle)