Russian billionaire close to buying the Waterstone’s book chain for £35 million
25 Apr 2011
UK-based Russian oligarch Alexander Mamut is said to be close to buying the Waterstone's book chain in a £35 million deal.
Once described as "the most powerful oligarch you have never heard of", Mamut owns a 6.1-per cent stake in the book chain's troubled parent, HMV Group, which is fighting for survival with its debt covenants being under threat. Mamut is said to be in a position to finalise the purchase of Waterstone's this week.
The 51-year old Russian tycoon owns LiveJournal, a San Francisco-based social networking site.
HMV refused to comment on speculation that Mamut was closing in on Waterstone's amid reports that it was considering a procedure known as a company voluntary arrangement (CVA), which would relieve HMV from rent payments on its shops.
HMV said in a statement that it had not initiated a CVA, although it continued to weigh up strategic options for Waterstone's and its Canadian branches.
It said, "As is entirely usual and appropriate in current circumstances, the group continues to keep itself fully informed on all of its available options and keeps its contingency plans up to date, among which a CVA may or may not be considered."
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