Russia’s largest retailer X5 Retail is continuing its spread across the country with the acquisition of regional chain Korzinka.
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X5 has agreed to pay US$115m to buy Korzinka, which is based in the Russian region of Lipetsk.
“This is a transaction of strategic importance for X5 Retail Group,” said X5 chief executive Lev Khasis. “We are clearly established as the main consolidator of the food retailing sector in Russia.”
X5 will acquire Korzinka’s 22 stores, 15 discount outlets, six supermarkets and one hypermarket. The company said the Lipetsk region is “one of the most attractive in Russia”, adding that it first entered the region two years ago.
“The purchase of Korzinka allows X5 to establish market leadership in one of the most important regions,” Khasis said “It underpins X5’s focus on regional expansion and supports the Group’s intention to secure clear leadership in every market and region it operates.”
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By GlobalDataX5 has appointed Denis Gritsaenko, the ex-head of its discount operations in Moscow, to handle Korzinka’s integration into the company.
