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Magnit in talks to acquire Marathon's SIA Group

Russian retailer PJSC Magnit said June 6 that it was in negotiations with Marathon Group to acquire pharmaceutical distributor SIA Group and has started a process of due diligence.

The move is in line with Magnit's planned expansion into the retail pharmacy market after a pilot project showed good results.

SIA is one of Russia's leading pharmaceutical distributors. Its logistics infrastructure includes 224,000 square meters of warehouse space in Moscow and 35 other cities. It has 2,700 employees.

Marathon on May 24 said it had acquired an 11.82% stake in Magnit, which operates more than 16,000 stores across the country.

The structure and terms of a transaction and settlement will be decided after due diligence is completed.