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
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