Penza, 18 December 2012. PenzaNews. Bakery and grain processing enterprises of the agricultural holding “Stoylenskaya Niva,” which embraces “Penza bakery No. 2” and “Penza bakery No. 4,” were sold to American investment fund “Arco International Group.”

According to the representative of the management company “Unicor” Olga Bezgodova, this was the last business asset of the businessman Bidzina Ivanishvili after the sale of his financial and real estate assets, as well as pharmaceutical retail market in Russia.

“The amount of the deal is 180 million dollars. The parties plan to complete the transaction within the next two months,” explained Olga Bezgodova in an interview with news agency “PenzaNews.”

According to the Director General of “Arco International Group” Francesco Piovanetti, originally the group was interested in the real estate assets of “Unicor,” but also studied the asset quality of “Stoylenskaya Niva AIC.”

“Analysis of the agro-industrial corporation brought us to the decision to participate in the tender, in which we won, unlike the tender for the purchase of real estate assets, where the offer of “Arco International Group” came to be less competitive,” Francesco Piovanetti commented.

“Acquisition of “Stoylenskaya Niva” in Russia is extension of the investment strategy of “Arco International Group” on the formation of agricultural assets in the developing markets. The prospects of these investments is confirmed with the leading positions of Russian agricultural holding and its active marketing strategy on production and widening of the product line,” stated the Director General of the investment fund.