Magnit completed the acquisition of DIXY Group from Mercury Retail Group for $1.2bn.

Magnit, Russia’s grocery chain, completed the acquisition of DIXY Group, a convenience-store network, from Mercury Retail Group, a holding company, for $1.2bn. The price may be adjusted on net debt and net working capital changes as of the closing date. Pending regulatory approval, the deal is expected to close by August 31, though that may be extended. “Upon completion of the transaction, we significantly strengthen our market positions in both capitals, which are strategically important for Magnit’s further expansion in the country. High-quality locations, well-known brand and strong customer base in Moscow and St Petersburg allow Magnit to become one of the top-players in the respective regions. Moreover, given scale of the transaction this substantially improve our overall market position in the sector,” Jan Dunning, Magnit President and CEO.