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Russia's Lenta to announce London share sale on Feb. 3-source

Reuters - UK Focus

MOSCOW, Jan 31 (Reuters) - Russian hypermarket chain Lenta, part-owned by U.S. private equity firm TPG, will announce plans for an initial public share offering on Monday, a source close to the deal said on Friday.

Financial market sources also said they expected the deal to be announced on Monday.

Sources familiar with the matter previously said that Lenta was talking to banks about a possible London listing, which could raise around $1 billion for its shareholders and command a valuation of over $5 billion.

The sale could produce a rare success story for a U.S. buyout firm in Russia, giving TPG the opportunity to exit an investment it made in 2009.

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TPG owns a 49.8 percent stake in Lenta, while Russian bank VTB holds 11.7 percent and the European Bank for Reconstruction and Development 21.5 percent.

The banks advising on Lenta's IPO are JP Morgan Chase (Other OTC: JFTTL - news) & Co , Credit Suisse (NYSE: CS - news) , UBS (Xetra: UB0BL6 - news) , Deutsche Bank (Xetra: DBK.DE - news) and VTB, sources previously said.