X5 to Buy Kopeyka for $1.1 Billion, Beating Wal-Mart
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X5 Retail Group NV, Russia’s largest retailer, agreed to acquire discounter Kopeyka for 35 billion rubles ($1.1 billion) in cash to reinforce its market leadership, beating off interest from Wal-Mart Stores Inc.
X5, controlled by billionaire Mikhail Fridman’s Alfa Group, will also assume net debt of no more than 16.5 billion rubles, bringing the total transaction value to 51.5 billion rubles, the Moscow-based company said today in a statement.