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In 1998, Sergey Galitskiy opened a small grocery in his hometown of Krasnodar, nearly 1,300 kilometers miles south of Moscow. Over the next two decades he expanded that modest operation into an empire with almost $20 billion in sales and 16,000 stores across Russia, amassing a fortune valued at some $5 billion in the process. Galitskiy will quit as CEO of Magnit PJSC after selling 138 billion rubles ($2.5 billion) of shares – 29 percent of the company – to the state-controlled VTB Group, Magnit said in a regulatory filing.After Friday's deal, Galitskiy owns about 3 percent of Magnit.With its sales growth slowing, Magnit in 2016 ceded the title of Russia's largest retailer to X5, and its shares have fallen by more than half in the past 12 months.VTB owns 3 percent of another Russian retailer, Lenta Ltd, as well as 27.5 percent of wireless carrier Tele2 Russia.
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