X5 Retail Group signs partnership deal with A5 pharmacy chain
Russia-based grocery chain X5 Retail Group has entered into a partnership deal with A5 Pharmacy Chain, with a call option to take over the company. Under the deal X5 retail will grant A5 pre-emptive rights to rent space at commercial market rates at properties owned or leased by X5. The agreement gives X5 a call option to acquire the A5 chain in two years with a discount that would depend on the performance of the pharmacies located on X5’s premises. X5 Chief Executive Lev Khasis said: "This partnership is an opportunity to enhance our customer appeal and convenience by locating pharmacies adjacent to X5 food retail stores. The agreement does not call for any cash settlement, which is important in the current market environment."
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