Freedom Holding Corp. (FRHC): M&A transaction — Freedom Holding completes sale of Russian subsidiaries for $140M; exits Russia

Freedom Holding Corp.

Sale of 100% of Russian subsidiaries (IC Freedom Finance LLC and Bank Freedom Finance LLC) to Maxim Povalishin for ~$140M.
Consideration: cash of $51.5M and assignment of liability of ~$88.5M, based on closing date exchange rates.
Central Bank of Russia approved on Feb 10, 2023; transaction closed Feb 27, 2023.
Acquired companies rebranded as 'Tsifra'; Freedom Holding has completely exited Russia.
Press release amended to correct amounts from signing date to closing date exchange rates.

item 2.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Freedom Holding Corp. completed a disposition involving Maxim Povalishin for US$140 million (closed 2023-02-27).

Action: disposition
Counterparty: Maxim Povalishin
Consideration: US$140 million
Closing: 2023-02-27

Exact text from the filing

Maxim Povalishin, the purchaser, was the Deputy General Director and a member of the Board of Directors of Freedom RU. The purchase price for the Russian Subsidiaries was US$140 million, comprised of the assignment to the purchaser of a liability of the Company to Freedom RU in the amount of approximately US$88.5 million and cash in an amount of US$51.5 million.

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Source: SEC EDGAR

accession 0000924805-23-000031

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