FRANKFURT — Germany’s Otto, the world’s largest mail-order company, has struck a deal to buy the Russian business and trademark rights of its insolvent peer Quelle, it said Thursday.
Quelle, which is part of Arcandor’s mail-order business Primondo, is shutting down after more than 80 years in business, having failed to find a new investor.
Otto paid a double-digit million euro sum for the deal, a source close to the negotiations said. Otto and Quelle did not disclose the size of the deal.
(Reuters)
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