Russian grocery retailer Dixy has announced today (3 February) that it has entered an agreement to acquire rival retailer the Victoria Group.
Dixy said the transaction is valued at RUB20bn (US$681.3m), excluding Victoria’s financial debt, and will be funded by a combination of cash and Dixy shares.
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The company said the acquisition will increase its revenues by more than 50% and significantly strengthen its position in two key regional markets in Russia – the Central and Northwestern Federal Districts.
Diyx added that the deal also sets up a base for future growth and improvement of “operational and financial indicators”, including operational, purchasing, logistics and marketing synergies.
Dixy said the move will make it Russia’s third-largest retailer, with 903 stores and 348,000 square metres of selling space.
The transaction is expected to be completed by the end of May, but still requires approval from the Federal Antimonopoly Service, Dixy’s financial creditors and shareholders.
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