+1 MARKETPLACE. MAGNIT BUYS KAZANEXPRESS ONLINE STORE

One of the largest grocery chains in Russia, Magnit, is going to buy out the KazanExpess online store, one of the owners of which is AliExpress Russia. On the basis of the company, the network intends to create its own online trading platform "Magnet-Market". The value of the transaction is currently unknown.

KazanExpess is on the list of the 30 most expensive Russian Internet companies, according to Forbes.

A message appeared on the retailer's website that Magnit had come to an agreement with Kazan Express to purchase 100% of the latter. The trading network will progressively outbid the shares of all co-owners.

On the basis of the company being bought out, Magnit will create its own marketplace, Magnit-Market, and the brand of the company being bought out will go into oblivion. Whether the deal will take place or not depends on whether the FAS approves it. The transaction will receive financing from Magnit's own funds. According to the terms of the transaction, the latter receives the entire infrastructure of the marketplace, the technology platform, order pick-up points (PVZ), warehouses, a fleet of vehicles and intellectual property. The staff of 12,000 sellers will also be transferred to Magnet. The organization expects that the transaction will have a positive impact on both the core business activities of Magnit and the business of Kazan Express.

Currently, the repurchased company owns more than 500 PVZ in 120 localities. Magnit plans to multiply its geographical presence and the number of pick-up points that will be opened in the company's stores.

Kazan Express, according to Forbes, in 2023 took the 25th place in the ranking of the 30 most expensive organizations of the Runet. The company's value was estimated at $180 million.

Photo: Wikipedia