Russia's Magnit to acquire Dixy retailer

Russia's Magnit to acquire Dixy retailer

Russian food retailer Magnit MGNT.MM has reached an agreement to acquire 100% of shares in the Dixy retail chain, including 2,651 of its stores in Moscow, St Petersburg and other regions, Magnit said on Tuesday.

The deal price was agreed at Dixy's current value of 92.4 billion roubles ($1.25 billion), but is subject to adjustments depending on net debt and net working capital changes as of the closing date, it said.

The total selling space of the assets to be acquired is approximately 854,000 square metres, Reuters reported.

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