Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
Wenaasgruppen AS is a Norwegian investment company with investments in, among other things, hotel properties, shipping, ski resorts, sports and leisure equipment, and securities. The company owns, among others, the Oslo Plaza hotel, the Radisson Blu Scandinavia Hotel in Copenhagen and the Oppdal ski centre. The company states (2015) a total of 27 hotel properties.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedThe first exit deal involving a “voluntary donation” to be publicly disclosed was by Norway’s Wenaas after the sale of its hotels in Russia to Sistema, the Russian conglomerate controlled by oligarch Vladimir Yevtushenkov, who is under UK sanctions. Sistema said in February the deal was priced at “up to €203mn, including a 10 per cent contribution to the budget of the Russian Federation”.
Sistema PJSFC (“Sistema” or the “Corporation”), a diversified publicly traded Russian investment company, announces that Cosmos North-West LLC, a wholly-owned subsidiary of the Corporation’s subsidiary Cosmos Hotel Group, has completed acquisition of a 100% stake in a number of Russian companies – owners of ten hotels in four Russian cities – from Norway’s Wenaas Hotel Russia AS, for EUR 200 million. As a result of the transaction, Cosmos Hotel Group added the following hotels to its portfolio: six hotels in St Petersburg (Park Inn by Radisson Pribaltiyskaya, Park Inn by Radisson Pulkovskaya, Park Inn by Radisson Nevsky, Radisson Blu Royal Hotel, Park Inn by Radisson Pulkovo, Olympia Garden Hotel), two in Moscow (Park Inn by Radisson Sheremetyevo, Radisson Blu Sheremetyevo Airport), one in Murmansk (Park Inn by Radisson Murmansk) and one in Yekaterinburg (Park Inn by Radisson Yekaterinburg). Altogether, the hotels have 4,078 rooms and a total floor space of 264.1 thousand square metres. In 2021, the hotels’ revenue totalled RUB 4.3 billion; in 2019, prior to the pandemic, it was RUB 6.2 billion. The total net debt of the acquired companies is negative.