Russia's X5 Retail Group has agreed to sell its stores in Ukraine to local rival Varus for an estimated $5-10 million, Ukrainian newspaper Capital reported.
X5 is the first Russian company to pull out of the country since Russia's annexation of Ukraine's Crimea region that followed the overthrow of Moscow-backed President Viktor Yanukovich.
Reuters have said that the deal had been in the works since October 2013, but the crisis over Crimea may have quickened the pace of talks.
Varus is buying the lease rights to 13 Perekryostok stores in and near Kiev, as well as in-store facilities and stock, Capital quoted Varus's co-owner Ruslan Shostak as saying.
According to the 2013 financial report, X5 has 12 stores in Ukraine out of total of 4,544 mostly across Russia.
© 2014 - European Supermarket Magazine by Enda Dowling
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