Kesko has sold its Russian grocery business to Lenta for approximately €163m, following approval from Russian competition authorities.
Deal worth €163m
The deal is worth approximately €163m and includes 11 grocery stores in St Petersburg and Leningradsky, as well as three plots of land in these regions. In 2016, Kesko achieved grocery net sales of €106m.
The sale will allow Kesko to focus more on its Finnish grocery business, where recent developments include the acquisition of Suomen Lähikauppa, doubling Kesko’s convenience footprint and making it Finland’s largest convenience store operator.
The sale will also help grow Lenta's store base, with it currently operating 156 hypermarkets in 72 Russian cities, and 42 supermarkets in Moscow and St Petersburg.