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X5 to acquire O'Key brand supermarkets

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X5 to acquire O'Key brand supermarkets

Russian grocery store operator X5 Retail Group NV said Dec. 15 that it reached an agreement with O'KEY GROUP SA to acquire supermarkets operating in Russia under the O'Key brand.

Russia's Federal Antimonopoly Service approved the transaction, which X5 had proposed in November. Financial terms of the deal were not disclosed.

The acquisition comprises 32 O'Key supermarkets, which includes 18 stores in St. Petersburg and four in Moscow. They will all be integrated into X5's Perekrestok chain.

Under the terms of the deal, X5 will also acquire the real estate for 13 stores in St. Petersburg and one in Moscow.

White & Case served as legal adviser to X5 for the transaction, while Herbert Smith Freehills was legal adviser to O'Key.