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December 28, 2007 |
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X5 RETAIL: Completes Korzinka and Strana Gerkulesia Takeovers X5 Retail Group N.V. has received all the necessary regulatory approvals, including approval by the Federal Antimonopoly Service, and completed its acquisition of Korzinka and Strana Gerkulesia retail chains. As previously report in the TCR-Europe, X5 Retail Group signed an agreement to acquire 100% of the business and assets of the Korzinka retail chain, for around US$115 million, including debt. X5 Retail also signed an agreement to acquire 100% of the business and assets of the Strana Gerkulesia retail chain operating in the City of Moscow and the Moscow and Tver regions, for a total consideration of US$65 million, including debt. About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. -- http://www.x5.ru/en/ -- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Nov. 12, 2007, X5 Retail Group N.V. carries a B1 Corporate Family Rating from Moody's Investors Service. Moody's said the outlook is positive. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. |
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