Aeroflot is selling its majority stake in Aerofirst, which runs duty-free shops and The Irish Bar at Sheremetyevo Airport, as it divests from non core businesses.
The Federal Anti-Monopoly Service has approved the sale of Aeroflot's 66.67 percent stake to Ridis Holdings, Vedomosti reported Monday.
It is unclear how much Ridis paid for the stake, though a source at Aeroflot told the paper that Ridis had beaten several rivals' bids for the stake at the auction, but did not say who the competitors were.
When Aeroflot acquired an additional 33 percent stake in Aerofirst from Sheremetyevo Airport in 2009, the retailer was valued at $49.2 million.
The sale is in line with Aeroflot's policy of divesting non-core assets to concentrate on the airline business.
Ridis Holdings is the founding company of Travel Retail Domodedovo, which runs duty-free shops at Moscow's Domodedovo Airport and St. Petersburg's Pulkovo Airport. The Cyprus-registered company is in turn owned by Hamburg-based Gebr. Heinemann, which runs duty-free shops in 57 airports in 22 countries.
Since 2009, Gebr. Heinemann has held a 50 percent stake in Duty-Free Partners, another retailer at Sheremetyevo.
The remaining 33 percent of Aerofirst is held by Irish company Aer Rianta International.
Calls to Aer Rianta went unanswered Monday.
Aeroflot and Gebr. Heinemann were unavailable for comment Tuesday. ?
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.