MOSCOW, Apr 3 (PRIME) -- Russian retailer X5 Retail Group has acquired 99 stores of the Ufimsky Gastronom (Ufa Grocery) chain in the republic of Bashkortostan, the company said in a statement on Tuesday without elaborating.
“X5 Retail Group…announces that it has acquired JSC Ufa Grocery. Russia's Federal Antimonopoly Service has approved the deal,” the company said.
Under the deal, X5 Retail Group acquired direct ownership over 59 stores with a combined area of 44,200 square meters. Other 40 stores were leased under long-term contracts.
“This acquisition is fully in line with X5’s development strategy, which is focused on organic growth aided by targeted acquisitions of unique assets. By developing its retail formats and logistics infrastructure in Bashkortostan, X5 promotes the economic development of the region and offers additional benefits to local producers and communities by redefining the modern retail experience,” the company said.
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