Hi Capital Buys 20% Stake in Russian Drug Retailer

Newly created Hi Capital Corp. has grabbed more than 20% of Russian drug retailer Pharmacy Chain 36.6, Reuters reported. According to Reuters‘ estimates, the deal could total about $70 million. No terms were released.

(Reuters) – A newly created fund, Hi Capital Corp, acquired more than 20 percent of Russia’s top drug retailer Pharmacy Chain 36.6, the company and the fund said on Tuesday in a statement.

The two didn’t mention the value of the deal, but according to Reuters calculations, it could total around $70 million.

“We expect a serious consolidation in the sector in the next few years, which will allow us to substantially increase our assets value,” the statement quoted Alexander Zhdanov, Hi Capital Corp partner, as saying.

Sergei Krivosheyev, chairman of Pharmacy 36.6, told Reuters the stake was bought from drug distributor SIA International. (Reporting by Maria Plis and Vladimir Soldatkin; Editing by David Holmes)