FAS allowed Magnit to buy the Far Eastern retailer Samberi
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The Federal Antimonopoly Service (FAS) of Russia has agreed on a transaction for the acquisition by PJSC Magnit of a 33.01% stake in Samberi, the largest retail chain in the Far East, reported retailer press service. Closing of the first stage of the transaction is expected in the summer of 2024.
Magnit announced the conclusion of an agreement with the Far East Nevada company to purchase 33.01% of the Samberi retailer owned by it at the end of October 2023. As part of the deal, Magnit will also receive an option to buy out the remaining share of the retail chain within five years, the company’s press service reports.
As the retailer’s press service clarified, the FAS approved the deal because Magnit does not carry out retail trade in food products in the municipalities where Samberi retail facilities are located. Thus, Magnit does not exceed the market share limits established by Russian antimonopoly legislation.
The news is being updated.
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