Ozon will pay 13.1 million dollars for breaking the agreement with the russian Sberbank
OREANDA-NEWS. Ozon has pledged to pay Sberbank 13 152 700 dollars for breaking the agreement concluded in early summer 2020. This is stated in the updated version of the prospectus of Ozon Holdings, sent to the US Commission of securities and exchange.
Last week, on November 12, the Bank and the retailer entered into a settlement agreement, which provides for the rejection of all the terms of the agreement, as well as the absence of any non-contractual claims. Whether there is a clause in the settlement agreement on the payment of break-up fee – the parties did not comment at the time, this information is disclosed now.
This agreement lasted only about two or three months and was terminated on September 4. Ozon still does not disclose the parameters of the failed transaction with Sberbank. Thus, it is unknown whether the agreement provided for the sale of the company's shares to Sberbank as an alternative to the IPO, or a more complex structure.
Ozon can raise between $675 million and $825 million excluding the underwriters ' option, and between $776.25 million and $948.75 million if it is fully implemented. These amounts do not include IPO costs and underwriters ' fees.