Magnit bought the KazanExpress marketplace – Kommersant
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Retailer “Magnit” (MOEX: MGNT) completed the acquisition of the KazanExpress marketplace. Magnit Market will be launched on the basis of this platform. The deal was approved by the Federal Antimonopoly Service of Russia. Its amount is not disclosed.
As part of the transaction, Magnit received 100% shares in KazanExpress LLC, intellectual property rights and the entire KazanExpress infrastructure (technological platform, order pick-up points, warehouse space and vehicle fleet). The purchase of KazanExpress will allow Magnit to quickly enter a new segment of marketplaces , spending less resources on this than when launching your own marketplace from scratch,” says the message on the retailer’s website.
The retailer acquired KazanExpress LLC from AliExpress Russia, which owned a controlling stake in the marketplace – 56.27%, as well as from entrepreneur Sergei Eremeev and KazanExpress founders Linar Khusnullin and Kevin Handa.
It is clarified that in the near future the KazanExpress application, website, order pick-up points and warehouses will change their external design and receive the Magnit Market brand. KazanExpress will continue to operate within Magnit as a separate business unit under the leadership of the current management.
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