Frigoglass Group has signed an agreement to sell its entire stake in Frigoglass Eurasia LLC, which manages the Group’s operations in Russia. The buyer is described as a strategic investor with relevant sector and regional experience and is not subject to international sanctions.
The transaction is contingent on several approvals, including those from national and supranational authorities. These include the Russian Government Commission on the Control of Foreign Investments, the Ministry of Foreign Affairs of the Netherlands, the Ministry of Finance of Cyprus, and the U.S. Department of the Treasury’s Office of Foreign Assets Control. Consent from holders of notes issued by Frigo Debtco PLC is also required. The company emphasized that obtaining these approvals is uncertain, and there is no guarantee that the sale will be completed.
The purchase price will be adjusted according to Russian regulatory requirements, including a mandatory 60% discount on the appraised value and significant exit taxes payable by the buyer.
If approved, the transaction will mark Frigoglass Group’s complete exit from the Russian market. Completion is targeted for the fourth quarter of 2025.
