Russia's largest retailer by revenue, X5 Retail Group, said today (25 June) that it has signed a deal that will see it acquire the Karusel hypermarket chain for a total price of US$940m.

In order to fund the acquisition, earlier this year X5 launched an offering of global depository receipts worth in excess of $1bn.

X5 said the agreement included 6.99m X5 GDRs at a provisional value of $33.1 each.

The deal is expected to close before the end of the week.