Kesko, a Finnish retailer, closed a deal on sale of its food stores in Russia to “Lenta” for 11,4 billion rubles ($175 million).
The agreement includes 11 stores in Saint Petersburg and the Leningrad region, as well as three plots of land in the Moscow and Leningrad regions, the Finnish company reports. Earlier, the deal was approved by the Federal Anti-Monopoly Service of Russia.
Last year, proceeds of Kesko’s chain of stores operating under brand of KRuoka amounted to 106 million euro, its operating losses totaled 14 million euro.
Sale of Kesko’s food business will not significantly influence the company’s sales, but will have a positive impact on profitability and money flow.