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Russia's Magnit seeks regulatory clearance to buy ETK

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Russia's Magnit seeks regulatory clearance to buy ETK

Russian food retailer PJSC Magnit said Oct. 18 it had submitted a request to the Federal Antimonopoly Service for permission to buy 100% of the shares in ETK, which operates a regional retail chain under the Krasniy Yar and Baton brands in Krasnoyarsk Krai and the Republic of Khakassia.

The retailers are currently discussing the terms and conditions of a deal. If the regulator grants approval, Magnit will have the opportunity to expand to at least 153 discount stores and three hypermarkets with 62,417 square-meter of total selling space.

Magnit did not disclose the details of the proposed transaction.