News Published on 4 Dec, 2009
X5 Retail Group completes Paterson takeover
Filed by Shaun Weston
Russia’s X5 Retail Group NV has announced that it has completed the acquisition of Paterson supermarket chain.
X5 received all necessary approvals for the transaction, including approval of the company’s supervisory board and an unconditional consent from the Russian Federal Anti-Monopoly Service (FAS).
In accordance with the agreement, X5 purchased 100% of the business and assets of Paterson for a price of $189.5m (equity value), plus assumption of Paterson’s net debt in the amount of approximately $85m.
This acquisition reinforces X5’s number one position in supermarkets, providing high-quality locations in key geographic markets with strong demographics for this format.
X5 plans to start the integration process in the first quarter of 2010 and finalise it by mid-year.
Source: X5