Sedmoi Kontinent Plans $4Bln Sale | Business | The Moscow Times:
"Alexander Zanadvorov, the owner of upper tier supermarket chain Sedmoi Kontinent, is preparing to sell the chain's managing company along with the rights to rent 130 of its 160 stores for a 15-year period.
The deal could be worth between $2.4 billion and $4.05 billion — a record in the retail sector.
X5 Retail Group, which recently conceded pole position on the Russian market to Magnit, will buy the chain, Kommersant reported Monday. The two parties are preparing to formalize the deal, a source said.
Sedmoi Kontinent, which will retain all rights to the chain's trademarks, will be sold for a symbolic sum. All real estate belonging to Sedmoi Kontinent will be spun off into separate companies that will remain in Zanadvorov's hands, and it is here that the money will be made."
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