Otkritie Financial Corp. Bank acquired 12.2% of Cyprus-based QIWI plc, which provides payment services in Russia, paying $99.5 million for the stake, Kommersant reported Aug. 7.
Following the purchase, Otkritie Holding JSC, which controls Otkritie Financial Corp. Bank, owns 21.05% of QIWI's class B shares and holds a 15.66% stake in the company's capital, the newspaper noted.
Otkritie Financial Corp. Bank reportedly purchased the shares in three private transactions, buying 2.2 million of QIWI's American depository shares for $17.71 apiece, 2.2 million depository shares for $18.0 apiece and 1.1 million depository shares for $19.01 per share. The transactions took place Aug. 1 and Aug. 2, Kommersant said.
The sellers of the shares participating in the three transactions were market investors, including those who wanted to take part in a tender offer for QIWI's shares launched by Otkritie Holding in June, the newspaper added, citing an Otkritie spokesperson.
In June, Otkritie Holding and its unit Otkritie Investments Cyprus Ltd. wanted to purchase offering up to 24,794,253 outstanding class B ordinary shares of QIWI, including those represented by ADSs, for $28 per share. The tender offer was subject to at least 20,286,207 class B shares/ADSs being validly tendered. However, investors tendered only 857,702 class B Shares and 11,680,554 ADSs, so Otkritie terminated the offer without acquiring any shares.
Otkritie further maintains its interest in QIWI, and the two companies are set to continue to tighten their cooperation, with plans to develop fintech services and complex solutions for clients, Kommersant said. QIWI and Otkritie Bank's small business arm Tochka Bank reportedly also recently agreed to launch a joint product offer for SMEs.
Kommersant added that Otkritie Bank is also involved in negotiations to attract a new investor. Various options for a potential transaction are being considered, with any funds it attracts to be used to boost the bank's capital, the newspaper said, citing Bloomberg and Interfax.