Colruyt Group has agreed to acquire 57 stores from Louis Delhaize, in Belgium, for an undisclosed amount.
Colruyt Group expects to close the transaction – subject to approval by the Belgian Competition Authority (BCA) – in the first quarter of 2024.
Stefan Goethaert, CEO of Colruyt Group, stated, “This acquisition enables us to accelerate our growth plans.
“Together with the workers concerned and drawing on our known food formulas, we look forward to meeting […] customer needs and securing a sustainable future for the stores.”
Colruyt Group will integrate the acquired stores into the consolidated figures of the company upon completion of the transaction.
Louis Delhaize operates stores under several banners, including Cora hypermarkets, Match supermarkets, and the Smatch, Louis Delhaize and Delitraiteur convenience stores.
In Belgium, the retailer operates around 80 Match and Smatch outlets.
The 57 Match and Smatch stores that will be acquired by Colruyt Group generated revenue of approximately €300 million in 2022 and employ more than 1,000 people.
In July, Carrefour entered into an agreement with the Louis Delhaize Group to acquire the Cora and Match banners in France.
Colruyt Group noted that the stores to be acquired are geographically complementary to its current food retail network.
The retailer aims to ensure a smooth transition in the months ahead and make the acquired stores economically and sustainably profitable under its known store formulas.
It will evaluate each store – based on its size, the local market, and customer needs – to decide on a suitable business format.
The people currently working at the affected stores will keep their jobs under the same employment terms and conditions, the company added.
Jo Willemyns, COO of food retail and marketing services at Colruyt Group, added, “As the only truly Belgian retailer, we are determined to continue Louis Delhaize’s work in Belgium – where their roots lie.
“It is also a commitment that we make to all the people working at the affected Match and Smatch stores, and to their customers. We are convinced that this can be the beginning of a remarkable Belgian success story.”