It was announced in Amsterdam on 5 May that  X5 Retail Group N.V., Russia's largest food retailer in terms of sales (LSE ticker: “FIVE”), today announced an agreement to acquire an additional 20% stake in Express Retail for a total consideration of USD 6 million. Express Retail is a joint venture operating 52 Perekrestok-Express convenience stores in Moscow and Moscow region and developing several franchising projects in this segment. The purchase brings X5’s total ownership interest to 60% of Express Retail company, with an option to acquire the remainder of the business by 2013.

X5’s Director for M&A and Business Development, Andrey Gusev, commented: “This transaction gives X5 operational control over Perekrestok-Express stores. Consolidating this business as part of X5 will enable further efficiencies and a more integrated approach to managing convenience stores as part of our multi-format strategy.”

Russia’s largest food retailer in terms of sales and the only multi-format operator in Russia and with a growing presence in Ukraine and Kazakhstan. The three primary retail investments held by X5 include leading supermarket chain Perekrestok, leading soft discounter chain Pyaterochka and Karusel, one of the leading hypermarket chains in Russia.

In 2007 X5 entered into an agreement with a group of private investors to establish a joint venture focused on developing convenience stores in Moscow and Moscow region. X5’s initial stake in the joint company totaled 40%, and the agreement provided X5 with the option to purchase the remaining equity until 2013. At 31 March 2010, Express Retail operated 52 Perekrestok-Express stores with selling space ranging between 100 and 200 sq.m. (in total approx. 9 thousand sq.m. of net selling space). Valery Tarakanov will continue to serve as general director of the Express Retail business, reporting directly to Lev Khasis, CEO of X5

It was also announced on May 5 that X5  has fully redeemed Pyaterochka-Finance corporate ruble bonds series 01. The redemption amount totaled RUR 1,500 million, which includes RUR 1,489.9 million of technical redemption of bonds, previously purchased from the market by another company of X5. X5 has also paid coupon on Pyaterochka-Finance bonds in the amount of RUR 85.635 million