Bonava takes new step towards divestment of St. Petersburg operations
Bonava has signed an agreement for the divestment of its St. Petersburg operations with the Armenian company Star Development LLC. The transaction amounts to approximately EUR 50 M and Bonava has received the payment. The buyer has received acquisition permit from the special committee established to oversee business transfers. Closing of the divestment is subject to the approval of the Russian competition authority, which is expected in the fourth quarter of 2023.On 31 May 2023, Bonava announced that it had reached an agreement with RBI Group to divest its St. Petersburg operations. Since