INSUBCONTINENT EXCLUSIVE:
Russian retail giant Magnit has agreed to acquire a controlling stake in the premium supermarket chain Azbuka Vkusa in a deal worth an
estimated 35-40 billion rubles ($428-490 million), the RBC news outlet reported Wednesday, citing three sources familiar with the
a 13.2% share of the retail market.Azbuka Vkusa, founded in 1997, operates 170 supermarkets and minimarkets in Moscow, the surrounding
Petersburg through its parent company Gorodskoy Supermarket
Despite rising demand for compact urban stores, the chain has not expanded in recent years.As part of the deal, Magnit will also acquire
five kitchen factories and three distribution centers in Moscow and St
Gorodskoy Supermarket saw 17.3% revenue growth to 101.2 billion rubles ($1.2 billion), with net profit surging 450% to 3.6 billion rubles
