Russian retailer Dixy Group is to merge with the Krasnoye&Beloye and Bristol chains, to create a new retail conglomerate, according to reports.
Russian daily Kommersant said that the deal will see Sergey Studennikov, who operates Krasnoye&Beloye, acquire a 49% stake in the combined business, while Igor Kesayev and Sergey Katsiyev, who operate the Dixy and Bristol chains respectively, will acquire 51%.
According to Kommersant, transaction details relating to the deal are not available at present.
The combined entity will be the third largest in Russia, with more than 13,000 stores, behind X5 Retail Group and Magnit.
In full-year 2017, Dixy Group posted a 9% decrease in sales to RUB 282 billion, with like-for-like sales declining by 10.9%.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.