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Russian Retailer Seeks Approval to Buy Rival Eldorado

April 18 (Bloomberg) --, the largest electronics retailer in Russia, sought antitrust approval to buy competitor Eldorado from Czech billionaire Petr Kellner’s PPF Group.

A request was made to the Federal Anti-Monopoly Service, or FAS, Dmitry Tarasov, a spokesman for the regulator, said today by phone. PPF spokesman Radek Stavel declined to comment. Kommersant daily reported the planned deal earlier today.

“ management is focused on increasing the company’s value for shareholders, while market consolidation is one of the options for growth,” Anton Panteleev, a spokesman for, said by phone, declining to comment on Eldorado.

A combination of and Eldorado would create a business with more than 20 percent of Russia’s electronics retailing market and net sales in excess of $7 billion, said Artur Galimov, an analyst of Sberbank Investment Research.

PPF valued Eldorado at 600 million euros ($782 million), according to a presentation in July last year. is worth about $1.4 billion, based on Moscow trading. had net sales of 134 billion rubles ($4.3 billion) last year, while Moscow-based Eldorado’s revenue excluding value-added tax was 95 billion rubles, company documents show. has about 300 stores, while Eldorado has more than 400.

To contact the reporter on this story: Ilya Khrennikov in Moscow at

To contact the editor responsible for this story: Kenneth Wong at

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