Hypermarket retailer Lenta (listed at Moscow Exchange) has completed the acquisition of the Monetka food retail chain, which includes more than 2,100 discount-like stores located in the Urals and Western Siberia.
The total retail area of the acquired assets is 606,000 square meters, and 100% of the retail space is leased. In addition, the perimeter of the transaction includes 5 distribution centers with a total area of 116 thousand square meters (67% of the area is owned) and more than 560 trucks. The amount of the transaction was not disclosed.
The company stressed that Monetka's extensive presence in the Urals and Western Siberia will significantly strengthen Lenta's position in these regions. At the moment, Monetka employs more than 23,000 people. According to Alexei Mordashov, Chairman of the Board of Directors of Lenta, the deal gave the company "the opportunity to immediately acquire more than 2000, stores with an established customer base, qualified personnel and a recognizable brand." Vladimir Sorokin, CEO of Lenta, also noted that the company will focus on studying the best practices at Monetka, which it can further implement at Lenta. He stressed that the next step will be to combine procurement conditions and search for cross-synergies in logistics, IT and other operational processes, which will "improve the value proposition of both networks and increase business efficiency."
The transaction has been approved by Lenta's Board of Directors. The Federal Antimonopoly Service of Russia (FAS) granted the petition for approval of the transaction with the simultaneous issuance of an order to carry out actions aimed at ensuring competition.
Among other things, on the basis of this order, Lenta will fulfill its social obligations to set a maximum level of trade margins for certain trading positions in the Khanty-Mansiysk urban district for one year. A number of other conditions agreed upon by the parties have been met, and the transaction has been closed. It is expected that Monetka's business will continue to operate as a separate legal entity with the preservation of the main operational processes, and the stores will operate under the existing brand. The company will begin consolidating the acquired business in its financial statements from October 2023.
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