Russian state takes over yet another e-commerce leader, online marketplace Avito

Russian state takes over yet another e-commerce leader, online marketplace Avito

Russia’s state-owned Rosselkhozbank agricultural bank has acquired a 50% stake in Avito, the country’s largest classifieds platform, as part of a broader trend of strategic e-commerce acquisitions by the state.

The Avito classifieds platform, one of the largest in the Russian online space, is becoming half-state after billionaire Ivan Tavrin sold 50% of its shares to an undisclosed structure of Rosselhozbank – a bank fully owned by the Government of the Russian Federation. The information was published by RBC, which cited sources close to the transaction. According to them, the transaction is of a commercial nature, but included credit elements used by…

A company managed by the Rosselkhozbank Group became the owner of 50% of the shares of Avito holding company. The deal was carried out as part of a partnership between Rosselkhozbank (RSHB) and Kismet Capital Group LLC (KCG), according to the online platform's telegram channel.