19 Jan 2024 14:38

Russia's FAS allows Magnit to purchase 33.01% of Far East retailer Samberi

MOSCOW. Jan 19 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has approved the application from national retailer Magnit to acquire 33.01% of the Russian Far Eastern Samberi retail chain, the national chain said in a statement.

Magnit announced the planned deal in October last year. The transaction involves the acquisition of 33.01% of the regional chain's capital; the transaction is expected to close in summer 2024. The deal also provides for an option to buy out the remaining shares within 5 years.

"FAS Russia approved the deal because Magnit and its group of legal entities do not conduct retail trade in food products in the municipalities where Samberi Group retail facilities are located, and, accordingly, does not exceed the market share restrictions established by Russian antimonopoly legislation," Magnit said in a statement.

Samberi is one of the largest retailers in the Far East in terms of number of outlets and revenue. The retailer operates about 300 stores of various formats, including hypermarkets and supermarkets under the Samberi, Samberi Express, and Brosko Market brands, as well as Raz Dva minimarkets and Blizky discounter stores.

Samberi is expected to retain its brand and continue to operate under current management.

Following the transaction, Magnit's total retail space will exceed 10 million sq. m (versus 9.623 million sq. m as of June 30).