MAGNIT IS BUYING DIXY STORE CHAIN

It became known that ‘Magnit’ company is about to acquire its competitor – ‘Dixy’ store chain. The agreement has already been approved by the board of directors of Magnit. We are talking about the purchase of 100% of shares.

Dixy stores are located in Moscow, St. Petersburg and some other cities of the Russian Federation - their total number is estimated at 2651.

The purchase will cost Magnit 92.4 billion rubles.

However, the representatives of the buyer's chain noted that the value of the transaction may be adjusted due to changes that will occur at the time of closing the contract - these are changes in working capital and the amount of debt.

All Dixy stores cover an area of 854,000 square meters. 778,000 square meters are for convenience stores, 90% of which are leased. There are also superstore outlets on the area of 76,000 square meters, 74% of which are owned.

Magnit will also receive five distribution centers with a total area of 189,000 square meters.

Distribution centers are located in the Chelyabinsk region, Moscow and St. Petersburg.

It is assumed that Magnit will finance the transaction on the basis of available funds, as well as by means of loans. At the same time, the changes should not affect the payment of dividends. The deal is planned to be closed by August 31 of this year, until that moment an agreement with the Federal Antimonopoly Service will be required - there is a possibility that the agreement will have to be postponed until September 30.

Representatives of Magnit noted that Dixy would continue to operate under the same brand and would not cease to exist as a legal entity. Most Dixy stores are located in Moscow and the Moscow Region (1329), and the chain is also widely represented in St. Petersburg and the Leningrad Region (258).