OREANDA-NEWS. May 20, 2010. X5 Retail Group N.V., Russia's largest food retailer in terms of sales (LSE ticker: “FIVE”), announced that it has completed the acquisition of additional 31% stake in IT Business, operating bolero.ru and 003.ru online stores.  The purchase brings X5’s total ownership interest to 82% of IT Business company, with an option to acquire the remaining part of the business by 2014.

In October 2009 X5 entered into a joint venture agreement with experienced internet retailers and owners of online stores www.bolero.ru and www.003.ru. According to the agreement, X5’s partners in this joint venture contributed rights to the above Internet properties as well as their key employees and essential business infrastructure including IT equipment, call-center, software, databases and leasing rights to a distribution center. In 2009 X5 purchased a 51% interest in the new company with an option to buy the remaining 49% within 5 years. For Q1 2010 IT Business reported net sales of USD 4 million, 40 000 customer visits and the average ticket of USD 126.