Russian grocer X5 Retail Group has raised its stake in Express Retail, a joint venture company that operates 52 Perekrestok-Express convenience stores in and around Moscow.
X5 has increased its stake by 20%, bringing its total ownership to 60%, for a total consideration of US$6m.
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The deal also gives X5 the option of acquiring the remainder of the business by 2013.
“This transaction gives X5 operational control over Perekrestok-Express stores. Consolidating this business as part of X5 will enable further efficiencies and a more integrated approach to managing convenience stores as part of our multi-format strategy,” X5’s director for M&A and business development, Andrey Gusev, said.
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