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Magnit to tap investment bank on logistics plan, SIA acquisition

PJSC Magnit on July 26 said that its board has recommended engaging an investment bank to examine its logistics development strategy for drug stores and pharmacies, as well as the company's potential acquisition of pharmaceutical distributor SIA Group.

The Russian food retailer started talks in June to acquire SIA from Russian investment company Marathon Group, which bought an 11.82% stake in Magnit from VTB Bank (PJSC) in May.

Most recently, Magnit said its board "was not comfortable" with the possible transaction's indicative terms, but agreed with the management on deploying capital to improve the company's supply chain and logistics infrastructure in a bid to improve value for customers.

The company said it will work with an investment bank, in addition to its ongoing work with Boston Consulting Group, to find the right assets and terms for its logistics infrastructure.