Lenta, one of the largest retail chains in Russia, and the Holiday Group has reached an agreement for the purchase 22 supermarkets in the Siberia region.
The average selling space per store is around 800 m², giving total selling space of approximately 18,000 m². The stores are compatible with Lenta’s supermarket format in terms of size and layout.
Lenta’s Chief Executive Officer, Jan Dunning said:“Lenta is pleased to announce an agreement to acquire 22 supermarkets in Siberia from the Holiday Group. This transaction will significantly strengthen our network in Siberia, giving many more customers the opportunity to shop at a Lenta store close to their homes. We currently operate 36 hypermarkets and 4 supermarkets across Siberia, served by our distribution centre in Novosibirsk. While Lenta remains primarily focused on organic expansion, we are happy to supplement this by acquiring high quality existing stores when suitable opportunities arise. We have a strong track record of successful integration and look forward to welcoming former Holiday store employees into the Lenta family. The stores will be refurbished and rebranded over the next few months.”
All the stores are expected to transfer to Lenta ownership before year end 2017. The transaction does not require any regulatory approvals. The stores will be closed temporarily for refurbishment and rebranding as Lenta stores, with all works expected to be completed by end March 2018.
The purchase price has not been disclosed.
