The board of directors of the O’Key group decided to sell the O’Key hypermarket segment to the Russian management. This is “in the best interests of the group and all its shareholders,” the company said in a statement. The transaction amount is not disclosed.
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As a result of the transaction, the management of the hypermarket chain will receive the O’KEY brand, the logistics infrastructure, the hypermarkets themselves and other assets belonging to the food retail sector. At the same time, the network will continue to operate normally, “meeting all obligations to customers, suppliers, employees, creditors and other parties,” the company says.
O’Key Group will only own the discount chain Da!, founded in September 2015, which will also continue to operate under the same management.
The sale transaction must first be approved by the government commission for the control of foreign investments and the Federal Antimonopoly Service (FAS). The control of the legal commission is necessary since the owner of the group, O’KEY Group SA, is registered in Luxembourg.
O’Key is one of the largest food retail chains in Russia. At the end of September, the company operated 296 stores, including 77 hypermarkets and 219 discount stores. In 2023, the group’s revenue reached 207.9 billion rubles and EBITDA – 17 billion rubles. At the end of 2023, Konstantin Arabidis, who previously served as CFO, became CEO of the hypermarket chain.
Author:
Mikhail Zelenin
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
