Frigoglass Group announces agreement for the sale of its subsidiary Frigoglass Eurasia, subject to receipt of certain approvals

London, UK – 2 September 2025.  The Frigoglass Group is pleased to announce that following a competitive process it has entered into an agreement to sell the entirety of its shareholding in Frigoglass Eurasia LLC (“Frigoglass Eurasia”) (the “Transaction”), which conducts the Frigoglass Group’s operations in Russia. The buyer is a strategic investor with significant experience in the Frigoglass Eurasia’s sector and region. The buyer is not subject to sanctions. 

Such sale is subject to significant approvals, including upon, amongst other things, (i) requisite approvals being granted by relevant national and supranational bodies (including the Russian Government Commission on the Control of Foreign Investments (the “Government Commission”), the sanctions and export controls unit of the Ministry of Foreign Affairs of the Netherlands and the sanctions unit of the Ministry of Finance of Cyprus and the U.S. Department of the Treasury’s Office of Foreign Assets Control) (together, the “Governmental Approvals”)); (ii) no applicable law being passed or brought into effect, or sanctions being imposed, that would result in the consummation of any part of the Transaction to be in breach of such applicable law or sanctions rules; and (iii) requisite consents of the holders of notes issued by Frigo Debtco PLC being obtained to waive or amend the terms of those notes that would otherwise preclude the consummation of the Transaction. Receipt of such consents, particularly Governmental Approvals, is subject to significant uncertainties and there can be no assurances that the Transaction will be concluded on satisfactory terms or at all.

The total cash consideration will reflect material restrictions imposed by Russian regulation, including mandatory discount of 60% of the appraised value and the payment of certain significant exit taxes to be made by the buyer.

The Transaction will result in the Frigoglass Group completely ceasing its operations in Russia.

Subject to obtaining the above-mentioned approvals, the completion of the Transaction is expected in the fourth quarter of 2025.