Sistema Public Joint Stock Financial Corporation entered into an agreement to acquire 36% stake in Public Joint Stock Company Melon Fashion Group from Eastnine AB (OM:EAST) for approximately ?193 million .

Sistema Public Joint Stock Financial Corporation (MISX:AFKS) entered into an agreement to acquire 36% stake in Public Joint Stock Company Melon Fashion Group from Eastnine AB (publ) (OM:EAST) for approximately ?193 million on October 19, 2022. The transaction is subject to a number of conditions outside of Eastnine?s control, including the approvals are granted by the Federal Antimonopoly Service and the Governmental Commission for Control over Foreign Investments in the Russian Federation, respectively. The transaction is also conditional upon compliance with applicable sanctions and subject to all conditions being fulfilled.

The transaction could be completed during 2022. As of December 30, 2022, The Federal Antimonopoly Service of Russia and Government Commission for control over foreign investments in Russia have approved the transaction. The transaction is expected to complete in first quarter of 2023, subject to all remaining conditions being fulfilled.