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Retail giant X5 buys Kopeika for 51.5 bln rbls

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X5 Retail Group, Russia's largest supermarket chain, has bought 100% of discounter chain Kopeika for 51.5 billion rubles ($1.66 billion) from Nikolai Tsvetkov... 06.12.2010, Sputnik International

2010-12-06T07:27+0000

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Retail giant X5 buys Kopeika for 51.5 bln rbls

07:27 GMT 06.12.2010

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X5 Retail Group, Russia's largest supermarket chain, has bought 100% of discounter chain Kopeika for 51.5 billion rubles ($1.66 billion) from Nikolai Tsvetkov, core owner of Uralsib financial group, X5 said on Monday.

MOSCOW, December 6 (RIA Novosti) - X5 Retail Group, Russia's largest supermarket chain, has bought 100% of discounter chain Kopeika for 51.5 billion rubles ($1.66 billion) from Nikolai Tsvetkov, core owner of Uralsib financial group, X5 said on Monday.

"X5 Retail Group announces it has signed an agreement to acquire the Kopeika retail chain. The overall volume of the deal amounted to 51.5 billion rubles (debt inclusive)," the company said in a statement.

The deal should be closed in the second half of December 2010.