O’KEY Group S.A. (AIX, MOEX: OKEY, the “O’KEY Group” or the “Group”), one of Russia’s leading food retailers, announces that its Board of Directors has decided to sell the O’KEY hypermarket business (“O’KEY hypermarkets” or the “hypermarket chain”) to the chain’s management. The DA! discount chain will continue to operate within the Group.
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Following a comprehensive review, the Board of Directors of O’KEY Group has decided to sell its hypermarket assets to the management. The Board of Directors considers this decision to be in the best interests of the Group and all its stakeholders.
As a result of the transaction, O`KEY's current management team will acquire the hypermarket chain along with the O`KEY trademark, logistics infrastructure, and other tangible and intangible assets.
Both during and after the management buyout of the hypermarket business, the O’KEY chain will continue to operate as usual under the leadership of the existing management team, fully honouring all commitments to customers, suppliers, employees, creditors and other stakeholders.
Following completion of the deal, the DA! discount chain and its infrastructure will remain under the control of O`KEY Group. DA! discounters will continue to operate in Russia under the same management team and will focus on further business growth and improving the customer offering in the domestic market.
The sale of the hypermarket business to management is subject to approval by the Government Commission on Monitoring Foreign Investment in the Russian Federation and the Federal Antimonopoly Service of Russia.
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For further information please contact:
For investors:
Natalya Belyavskaya
Head of Investor Relations
+7 495 663 6677 ext. 266
natalya.belyavskaya@okmarket.ru
www.okeygroup.lu
For the media:
pr@okmarket.ru
EM (communications consultants to O’KEY Group)
Valeria Andreeva
+7 916 978 02 10
andreeva@em-comms.com