Russian food retailer Dixy said it will acquire rival Victoria Group in a cash and share deal worth 25.6 billion roubles to become the nation’s third largest retailer by revenue and shops. Victoria’s shareholders will become minority shareholders of the new joint company, Dixy will hold the controlling stake – 50% of the shares plus one share. The total amount of transaction is RUB 25.6 bn.
On May, 12 2011 the Federal antimonopoly service of the Russian Federation satisfied a motion for the purchase of 100% shares of Victoria on one condition: Victoria should close all the stores in Serpukhov (a satellite town in the Moscow Region).
Dixy, controlled by tycoon Igor Kesayev via the Mercury Group, is in the midst of a rapid expansion drive to take advantage of strong growth in domestic consumer spending amid a broader economic recovery.
Source: www.retailer.ru, www.reuters.com