The British Mondi will sell its last asset in Russia for 80 billion rubles

According to the Unified State Register of Legal Entities cited by Interfax, the beneficiary of Cesar Invest LLC, which will acquire the asset, is businessman Isai Zakharyaev. The Federal Antimonopoly Service of the Russian Federation and the government commission for foreign investment control have already given permission to carry out the transaction.

Its conditions state that Mondi will receive funds from the sale of Mondi Syktyvkar in six monthly tranches. The first four payments will amount to 13.5 billion rubles each. The first payment will be made before the end of September, the remaining three will be made before the end of the year.

The buyer will then take ownership and the British group will formally complete its departure from the country. The remaining 26 billion rubles will be paid in two equal payments upon completion of the transaction. A letter of credit will be provided. The sale will also require the consent of Mondi shareholders.

Previously, the group had already tried to sell the Syktyvkar forestry complex to Augment Investments Limited, a company close to Viktor Kharitonin’s Pharmstandard.

In August last year, Mondi reached an agreement to sell the asset for 95 billion rubles. However, in May of this year, when the terms of the agreement expired, the parties were unable to obtain permission from Russian authorities to close the deal.

In 2023, Mondi was able to sell its business (three factories in the Yaroslavl, Sverdlovsk and Lipetsk regions) to Gotek for 1.6 billion rubles.