Russian Intersport chain completely to Kesko
In a transaction conducted yesterday, the Intersport chain in Russia was completely transferred to Kesko's ownership. The seller was the minority interest holder Melovest Ltd. The Intersport chain has 35 sports stores mainly in the St. Petersburg and Moscow regions.
Last summer, Kesko signed an agreement with Intersport International on the transfer of the Russian INTERSPORT licence to Kesko. Before the transaction conducted yesterday, Kesko's ownership interest in the joint venture established for Intersport operations was 80% and Melovest Ltd's ownership interest was 20%.
The objective of Kesko's Intersport is to double the Intersport store network in Russia by the end of 2015. The first store modelled on Intersport's new Sport to the People concept will be opened in Moscow towards the end of May.
The acquisition is not expected to have a material impact on Kesko's sales, profit or financial position during the next 12 months.
Kesko's previous stock exchange releases on the acquisition were published on 3 June 2011 and 24 August 2011.