RUSSIA: X5 signs US$940m Karusel deal
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.
Russian discount retailer Kopeika has secured a RUB4bn (US$142.9m) loan from state-controlled bank Sberbank, according to reports....
Russian grocer Magnit Group has secured a RUB300m (US$11m) loan from state bank VTB as part of a government-backed programme to support the country's retailers....
X5 Retail Group, Russia's largest retailer by sales, has scaled down its expansion plans over fears that turmoil in the financial markets will dent demand, despite posting a sharp rise in like-for-lik...
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