One of Russia's leading retailers, Magnit, has agreed to acquire the Dixy retail chain, which operates 2,651 stores. The price of the deal is RUB 92.4 billion, the retailer said.

"Magnit announces that the company has reached an agreement under which it (through its principal operating subsidiary, Tander) may acquire the DIXY retail chain, which currently operates 2,651 stores in Russia," it said in a statement.

Total floor space of acquired assets is 854 thousand square meters, from which about 778 thousand square meters is for "neighborhood store" format and 76 thousand - for "superstore" format. The majority of the neighborhood stores are located in Moscow, Moscow region, St. Petersburg and Leningrad region. The remaining neighborhood stores are located in the Central, North-Western and Ural Federal Districts. The majority of superstores operate in Sverdlovsk and Tyumen regions, the company specified.

Within the deal Magnit is also going to acquire five distribution centers with the total area of 189 thousand square meters located in Moscow, Saint Petersburg and the Chelyabinsk Oblast.

As part of the agreement with Mercury Retail Group Limited, Magnit acquires a 100% stake in DIXY Holding Limited. Transaction price is based on current business value of 92.4 billion rubles and is still subject to some adjustments. The transaction is expected to be completed by August 31 this year.

Made in Russia // Made in Russia

Author: Karina Kamalova