In October 2023 Magnit, one of leaders in the Russian retail sector, made an agreement on purchasing 33.01% shares in the charter capital of Samberi and on an option of purchasing the remaining shares within five years. It is expected that the first phase of the deal will be closed in Summer 2024.
The Samberi chain is presented in over 50 localities in the Russian Far East and comprises around 300 stores with the aggregate sales area of more than 210 thousand m2.
In January 2024 the Federal Antimonopoly Service of Russia (“FAS”) approved the deal, as Magnit and its group of entities are not doing foodstuff retail business in the municipal units where retail facilities of the Samberi group are located and therefore do not exceed the market share set by the Russian antimonopoly law.
After closing the deal, Samberi will continue doing its business under its own brands and under control of the existing management team. Magnit’s representatives will be involved into strategic management of the Samberi business under the existing agreement on joint operations, which has also been approved by FAS.
For Magnit, this deal expands its geographical coverage – now the retailer will be present in all of the federal districts of Russia.
AGP is the key legal advisor of Magnit in this deal. The AGP lawyers take part in all negotiations, provide comprehensive legal support to the client, including drafting of all the transaction documents, and also provided assistance in obtainment by the retailer of FAS approvals for the purchase of shares and for joint operations with Samberi.
This deal is headed by Alexey Gorodissky. Varying by stage, the number of AGP lawyers involved in this deal has been up to 12 attorneys and lawyers, including our partners Dmitri Lubomudrov and Irina Orlova.
