Russia-based X5 Retail Group has been granted anti-monopoly approval to buy the Ostrov retail chain should its pursuit of the business prove successful.
X5 is in talks to buy Ostrov and approached Russia’s competition watchdog for approval should it succeed in acquiring the business.
A spokesperson for FAS, the anti-trust body, today (15 September) confirmed it had given the green light to the prospective deal.
The news comes less than a week after the anti-monopoly watchdog also gave X5 permission to proceed with its plans to acquire local grocery chain Kopeika – although it said the retailer would have to dispose of 24-27 Kopeika outlets.
Additionally, X5 has announced that it has signed a new loan worth US$800m to replace the existing $1.1bn syndicate facility. The rest of the syndicate facility will be refinanced through other existing facilities.