Magnit considering possibility of purchasing Ulybka Radugi drugstore chain - sources

MOSCOW. Jan 14 (Interfax) - Magnit is considering purchasing the Ulybka Radugi [Smile of the Rainbow] chain of drugstores, a source close to the Russian retailer as well as an industry insider have told Interfax.

According to one of the sources, Magnit has hired KPMG to conduct due diligence of the asset.

The other source noted that the market has been discussing the possibility of such a deal since December 2021.

A Magnit representative has told Interfax that the retailer "does not comment on rumors". Interfax has also sent a request for comment to the press service of Ulybka Radugi.