Russian grocery retailer X5 Retail Group announced today (29 September) that it has completed the acquisition of Moscow-based chain Ostrov.
X5 Retail paid US$38m, including debt, for Ostrov’s 16 stores in Moscow and the Moscow region, encompassing 12,300 square metres of selling space.
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X5 Retail, which is Russia’s largest retailer in terms of sales, said it will convert around half the acquired outlets into supermarkets and the rest to discounters.
The move comes a fortnight after the country’s anti-monopoly watchdog gave X5 Retail approval for the acquisition.
X5 Retail said Ostrov, which was established in 1995, posted RUB1.5bn (US$49.3m) revenue in the first half of 2010.
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