QIWI Group sold its stake in the Tochka project

AK&M 17 September 2021 18:55

QIWI plc announced the completion of the transaction on the sale of a stake in the project of JSC "Tochka" to the bank "FC Otkritie". QIWI sold a 40% stake in the capital of Tochka for 4.95 billion rubles. This is stated in the company's message.

The current valuation of the company was 11 billion rubles. In accordance with the terms of sale, certain adjustments are possible in the second quarter of 2022 based on the audited results of the "Point" for the 2021 fiscal year. "We believe that these adjustments may increase the total amount of the transaction," the company said.

The agreement was approved by the QIWI Board of Directors in July 2021. The transaction was approved by the FAS of Russia. All the conditions for the completion of the transaction were met. The parties completed the transaction by transferring shares to Otkritie Bank and receiving funds to the QIWI plc account.

The total volume of QIWI investments in the Tochka project amounted to 2.1 billion rubles. During the project, the QIWI Group also received dividends from Tochka in the amount of 0.6 billion rubles. Thus, the transaction represents a return on investment of at least 2.5 times, with a GNI (IRR) indicator of at least 35%.

QIWI Group, Otkritie Bank and Tochka will continue mutually beneficial cooperation and will develop joint B2B2C projects by providing a range of services to taxi companies, delivery companies, logistics firms, the self-employed and many others. Customers will continue to receive services from each party regardless of changes in the ownership structure of the "Point".

QIWI is a leading provider of new-generation payment and financial services in Russia and the CIS countries, which owns an integrated payment network that allows making payments via mobile, online and offline channels. The network includes more than 18.1 million virtual wallets and more than 113 thousand terminals and payment acceptance points. QIWI services allow trading companies and customers to accept payments and make transfers in cash or in electronic form in the amount of more than 135 billion rubles, bringing together more than 31 million customers who use the network's services at least once a month. QIWI customers can use cash, prepaid cards and other non-cash payment methods to pay for goods and services or make money transfers using online and offline payment tools.

Otkritie Bank is included in the list of systemically important credit institutions approved by the Bank of Russia. Otkritie develops all the main business areas of a classic universal bank: corporate, investment, retail, SME and Private Banking. The bank's subsidiaries occupy leading positions in key segments of the financial market: insurance companies "Rosgosstrakh" and "Rosgosstrakh Life", "Otkritie Broker", Management Company" Otkritie", NPF" Otkritie", JSC" Baltic Leasing", LLC" Open Leasing", LLC" Otkritie Factoring", RGS Bank, JSC"Customs Card".