Magnit signs legally binding agreement to buy SIA Group

MOSCOW, Nov 2 (PRIME) -- Russian grocery chain Magnit has signed a legally binding agreement to buy pharmaceuticals distributor SIA Group from investment company Marathon Group, Magnit said in a statement on Friday.

The company’s subsidiaries Tander and Selta signed the agreement with Serengate Advisors Limited, part of Marathon Group, to buy SIA Group through acquisition of 100% in LLC MF-SIA. Tander has also sent a request to the Federal Antimonopoly Service asking for preliminary approval of the deal.

Magnit earlier extended its share buyback program by 5.7 billion rubles to 22.2 billion rubles for a possible purchase of SIA Group. The deal may be closed in 2018.

(65.6517 rubles – U.S. $1)

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