Moscow, June 25 - X5 Retail Group, Russia's largest food retailer by revenue, said on Wednesday it has signed a $940 million deal to acquire Karusel hypermarket chain.
X5, controlled by billionaire Mikhail Fridman, launched earlier this year an offering of global depositary receipts (GDRs) worth over $1 billion to fund the acquisition as it sought a bigger share of Russia's consumer boom.
X5 said the payment included 6,986,020 X5's GDRs at a provisional value of $33.10 per GDR. The deal is expected to close before 28 June 2008.