Russian conglomerate Mercury Group has bought a controlling stake in local discount retailer Dixy for an undisclosed sum.
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The US$8bn conglomerate has bought a 50.96% stake in Dixy after snapping up the majority shareholders in the company.
Some 48% of Dixy remains listed on the stock market after the company, which runs over 370 stores in Russia, went public in May.
Dixy chairman Oleg Leonov said: “I am confident that the experience and resources of the new shareholder will allow the company to reach even greater heights in its further progress.”
Mercury’s flagship business is Trade Company Megapolis, a distributor of FMCG goods throughout Russia. The conglomerate also has interests in construction, oil and military equipment.
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By GlobalData“Investments in the Russian retail sector are of strategic interest to the Mercury Group,” said first vice president Sergey Katsiev.
“We intend to use our capabilities to create a leading player in the Russian food retail market using the publicly-listed Dixy as a basis.”
