The Stonebridge Legal team successfully advised Hong Kong-based fintech company Fusion Factor Fintech Limited on the separation of Qiwi Group’s (NanduQ PLC since 2024) assets, including a public tender offer for the repurchase of NanduQ Plc’s (ex. Qiwi Plc) American Depositary Receipts (ADRs), taking into account the listing and delisting of NanduQ Plc’s ADRs on the Moscow Exchange, AIX and NASDAQ. The transaction between Fusion Factor Fintech and NanduQ Plc included KIWI Bank (JSC), Qiwi Wallet, Qiwi Business, the Contact money transfer system, Rowi, Realweb, Flocktory, Taksiagregator, IntellectMoney and a number of other assets.
In December 2025, the parties amended their agreement, under the terms of which Fusion Factor Fintech completed its payments, having paid RUB 4 billion and transferred 29.288 million of its Class B shares to NanduQ.
Roman Prudentov, Partner, CEO of Stonebridge Legal, commented:
“This project was a clear example of a complex cross-border transaction involving a public company whose depositary receipts were traded on Russian and international stock exchanges. We are proud that the Stonebridge Legal team, thanks to its international experience, was able to propose unique solutions that enabled the client to successfully complete its payments and discharge all remaining obligations.”
The key Stonebridge Legal project team members were: Partners Mikhail Loktionov and Roman Prudentov; Counsel Maria Kuznetsova and Thomas Burke; Senior Associate Kirill Rakov; Associates Vladislav Vasiliev, Alexander Kurbankov, Gennady Nikonov, Ivan Timofeev and Angelina Savitskaya; and Junior Associates Anton Shafransky and Alexandra Shirochenkova.
For more details on the project, please read the article in Interfax.