The merge of two large Russian retailers is announced for this summer

Source: ria.ru

Photo: Magnit

Magnit, one of the largest Russian retailers, is planning to buy out its competitor Dixy, another large retailer. The deal will be probably closed by the end of this August or September.

Dixy runs currently 2,651 stores, including 2,612 discounters and 39 superstores. The major part is located in Moscow and Moscow region and St. Petersburg and its region. “Dixy will carry on its work under the same brand as a separate legal entity,” stated Jan Dunning, Magnit’s CEO and president.

Magnit is the second largest Russian retailer controlling over 21,900 stores. Its largest owners are VTB Bank (over 17% of shares) and Marathon Group Investments Company (over 16% of shares).