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Joint venture of Group and Sberbank took control of Local Kitchen

September 9, 2020, 18:05 (UTC+3)|

O2O, the joint venture of Group and Sberbank, acquired 84.7% of the express delivery service for ready meals Local Kitchen. The founders of the service will retain the remaining shares.

The deal will be closed by the end of the fourth quarter of 2020. The deal value is not disclosed.

The service will be integrated into the ecosystems of Group and Sberbank: users will be able to log in via VK Connect or Sberbank ID. The mini-application of Local Kitchen is already available for VKontakte users.

Local Kitchen uses a proprietary IT system to manage company processes, accurately forecast demand, and plan product delivery. After the integration of Local Kitchen into the ecosystems of Group and Sberbank, the companies will be able to exchange technologies to improve all O2O products.

In May it was reported that a part of the shares of the co-founders of the service Oleg Kozyrev and Alexey Kolesnikov in the authorized capital of the company was pledged to the joint venture O2O. The terms for the return of the pledge are “complete performance of any obligations” of the legal entity of the service, Loсalkitchen LLC, to O2O under a loan agreement for an amount of up to 290 million rubles, as stated in the extract from the Unified State Register of Legal Entities dated May 12, 2020. At that time, 15% of the shares of each Kozyrev and Kolesnikov were in pledge.

As of May 2020, Kozyrev and Kolesnikov each had 23.6% in Local Kitchen. The largest owner of the service with a 25.8% share was PIK-Investproekt.

Original (in Russian)


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