X5 acquiring supermarkets of Prisma chain leaving Russia

MOSCOW. June 16 (Interfax) - X5 Retail Group has come to an agreement with Finnish holding SOK Retail Int. OY, which earlier announced that it was ending its commercial activities in Russia, to acquire the company that manages Prisma supermarkets in St. Petersburg, as well as a culinary store.

There will be 15 supermarkets included in the deal, which will resume working by mid-July after the necessary legal formalities have been concluded, marginal rebranding has been carried out, and stores have been stocked with X5's inventory, the retailer said in a statement. Almost all of the stores will be integrated into the Perekrestok chain.

The rights and obligations, excluding the right to use the Prisma brand, of the legal entity that previously operated the Prisma retail chain in St. Petersburg will be transferred to X5. One of the deal's key terms is keeping the jobs of Prisma chain operations personnel and fulfilling obligations to its main partners, including lessors.

The Federal Antimonopoly Service approved the deal on June 15.