Russia’s Magnit to Buy Dixy Retailer in $1.25 Billion Deal
- Magnit to acquire Dixy’s more than 2,600 stores as it expands
- Deal will boost Magnit’s presence in Moscow, St. Petersburg
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Magnit PJSC, Russia’s largest grocery chain, plans to acquire Dixy Holding Ltd. convenience-store network in a 92.4 billion ruble ($1.25 billion) deal, a move that will boost its presence in Moscow and St. Petersburg.
The price may be adjusted on net debt and net working capital changes as of the closing date, according to a statement Tuesday. Pending regulatory approval, the deal is expected to close by Aug. 31, though that may be extended.