One of the world's largest supermarket chains, Royal Ahold NV announced this morning that they have agreed to acquire Spar’s 50 stores in the Czech Republic for some €190 million in an all-cash deal.
Ahold sold all of its stake in the Nordic grocer ICA for €2.5 billion late last year, and while the majority of the earnings from that sale were returned to shareholders, the company said recently that it would keep the door open with regard acquisition opportunities.
Ahold, which makes three-fifths of its revenue in the United States, already operates 284 Albert supermarkets in the Czech Republic, which generated €1.45 billion in sales last year.
The group said this morning in a statement that its 50 new Spar stores had net sales totaling 12 billion Czech crowns in 2013.
"With this deal, we will become the number two in sales in the country," Ahold Chief Executive Dick Boer said.
"The acquisition of Spar's business in the Czech Republic is an important strategic step and marks an exciting new phase for Ahold in the Czech Republic," he added.
The deal is still subject to regulatory clearance.
© 2014 - European Supermarket Magazine by Enda Dowling
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