Euroset revenue plummets 30% in 2009

Russian mobile phone retailer Euroset posted RUB55.52 billion (USD1.74 billion) revenue in 2009, down 29.7% year-on-year. However, it anticipates revenue will increase by 10% to RUB60 billion (USD2 billion) in 2010, the company’s President Alexander Malis said. He also confirmed that Euroset’s owners were still in talks to sell a stake in the retailer. Malis did not specify the size of the stake. The list of possible buyers includes two foreign banks and one strategic foreign investor, as well as two large Russian investors. According to him, Euroset is currently valued at between USD1.6-2 billion, up from the USD300-450 million as of March–May 2009. In late 2009, the majority stakeholder Alexander Mamut was reportedly in talks to sell a 25% stake in his company. Malis also said Euroset might make an initial public offering within 18 months. The exact timeline for an IPO would depend on the possible emergence of a new large investor.