Alexander Zanadvorov, main owner of the Sedmoi Kontinent supermarket chain, has agreed to buy the smaller Mosmart chain for $498 million, sources said Thursday.
Zanadvorov will finance part of the acquisition with a loan of almost $333 million from Sberbank, which currently owns 50 percent of Mosmart. Zanadvorov owns 96 percent of Sedmoi Kontinent.
The other shareholders in Mosmart, which estimated its 2010 sales at $333 million, are Bacarella Holding investment fund and Cyprus-based Sarnatus Trading. They represent the interests of Russian businessmen.