QIWI will sell Russian assets to Hong Kong Fusion Factor for 24 billion rubles

The company considers that the business division is a logical measure in the current political and economic situation. The international side will retain the right to be listed on NASDAQ and the Moscow Stock Exchange, and the Russian side will receive the necessary independence:

“The development of JSC QIWI in Russia will not depend on the needs of foreign jurisdictions; The business will continue its dynamic development. At the same time, international business in Kazakhstan, the United Arab Emirates and other countries will continue to develop within QIWI Plc.”

The transaction price, already approved by regulators and the company’s board of directors, will be 23.75 billion rubles. Mutual agreements within the framework of the transaction involve installments and payments over the next 4 years:

• 11.875 billion rubles must be paid within 4 months from the date of conclusion of the transaction;
• the remaining 11,875 million rubles, divided into four equal parts, starting in the fourth quarter of 2024.

Once the transaction is completed, Protopopov will step down as head of QIWI Plc., but will continue to manage the Russian division. CEO of QIWI Plc. Alexey Mashchenkov and Elena Nikonova will be appointed to the position of financial director.

It is also known that the company intends to buy back 10% of its shares from the Nasdaq and the Moscow Stock Exchange, “acting in the interests of all stakeholders of QIWI plc.” This will provide liquidity “to those shareholders who now want to monetize their shares.”