SOK has closed all Prisma markets in St. Petersburg by 31.3. and will now sell the company responsible for St. Petersburg Prisma business to Russian X5 Group. As a result of the transaction, the responsibilities for store leases and personnel will be transferred to X5 Group.
16.6.2022
X5 Group is the largest grocery store chain in Russia, including e.g. chains Pyaterochka and Perekrestok.
SOK has ensured that the transaction complies with current regulations on EU sanctions.
The transaction does not include any rights to use S Group trademarks. The price will not be disclosed. The transaction has been approved by Russian Antimonopoly Service (FAS).
SOK announced the decision to exit the Russian market on 4.3. Immediately after the announcement, the exit process was started and SOK began to map out a way to leave the country as soon as possible, taking into account local legislation and personnel.
- We have especially wanted to take care of the jobs and safety of our staff. Store staff will transfer to the buyer as old employees. The process for selling the business has taken longer than expected due to the necessary approvals and we are happy that it will now be completed, says Jari Annala, Executive Vice President of SOK Businesses.
The exit process for SOK hospitality business St. Petersburg is also underway and more information will be communicated separately at a later stage.
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