TPG Capital is to acquire a share of the Russian retail group OAO Seventh Continent, local press has said.
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The newspaper Kommersant has said that TPG is to purchase a 60% of ZAO 7K Investholding, which owns 75% of the chain.
The report said that 7K’s owners, Alexander Zanadvorov and Vladimir Gruzdyev, will each sell half of their respective 50% holdings for US$700m apiece.
Since the Kommersant piece appeared a TPG spokeswoman has confirmed the investment group has signed a letter of intent to buy a majority stake.
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