The owner of Russian retailer Seventh Continent has agreed to buy smaller grocery operator Mosmart for RUB15bn (US$500.2m), according to reports.
Reuters reported late last week that the move could emerge as the latest step in the ongoing consolidation of Russia’s fragmented retail sector.
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Accorting to reports in the Russian press that have been republished on the Mosmart website, Alexander Zanadvorov has agreed to acquire 100% of the retailer from Sberbank Capital (50%), founders Shelukhina Andrew and Michael Bezelyanskogo (40%) and a board member of Sistema Evgeny Novitsky (10%).
Mosmart operates hypermarkets and is based in Moscow.
Neither Seventh Continent nor Mosmart could be reached for comment at the time of publication.
See Also:
Last month, industry leader X5 Retail Group secured a significant acquisition when it bought rival Kopeika for $1.65bn.
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