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SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION

(AFKS)
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Sistema Acquires Nearmedic for RUB1, Along With Net Debt

09/15/2021 | 01:21pm EDT

By Joe Hoppe

Sistema JSFC said Wednesday that it has jointly acquired Nearmedic International LLC for a nominal price of 1 ruble, together with its net debt of 5.9 billion rubles ($80.7 million).

The Russian investment company, listed in London and Moscow, said it has acquired Nearmedic, the owner of Nearmedic Plus, Nearmedic Pharma and several other pharmaceutical, biotech and healthcare businesses in Russia and Italy. Sistema and Sberbank have in equal parts provided RUB1.2 billion to the new holding company, JSC New Investment Holding, which will go towards the partial repayment of Nearmedic's outstanding debt to Sberbank.

Sistema and Sberbank have also entered an option agreement, exercisable in three-and-a-half years. If exercised, Sistema would acquire the entirety of JSC with up to RUB2.8 billion in outstanding receivables due from Nearmedic to be transferred from Sistema to Sberbank.

Sistema said it will soon begin implementing a turnaround plan for Nearmedic, focusing on boosting the value of the company's assets and expanding production capacities.

"Nearmedic group has growth potential that can be unlocked through restructuring and improvements in efficiency, areas precisely where Sistema has robust, proven expertise," Sistema President Vladimir Chirakhov said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

09-15-21 1320ET

Stocks mentioned in the article
ChangeLast1st jan.
PJSC SBERBANK -0.26% 370.65 End-of-day quote.36.72%
SISTEMA PUBLIC JOINT STOCK FINANCIAL CORPORATION 0.05% 28.914 End-of-day quote.0.95%
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Financials (USD)
Sales 2021 10 276 M - -
Net income 2021 374 M - -
Net Debt 2021 8 290 M - -
P/E ratio 2021 12,6x
Yield 2021 1,35%
Capitalization 3 868 M 3 861 M -
EV / Sales 2021 1,18x
EV / Sales 2022 1,22x
Nbr of Employees -
Free-Float 32,4%
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Number of Analysts 9
Last Close Price 0,41 $
Average target price 0,62 $
Spread / Average Target 52,9%
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Managers and Directors
Vladimir Sanasarovich Chirakhov President, Chief Executive Officer & Director
Vladimir Sergeyevich Travkov Chief Financial Officer
Vladimir Petrovich Evtushenkov Chairman
Igor Kozlov Vice President-Information Technology
Ali Mussayevich Uzdenov Chief Investment Director