Dia is to acquire supermarket chain El Arbol.
Spanish retailer Dia Group has signed an agreement to acquire 100 per cent of the capital share of El Arbol. The shares were valued at €1. Through this agreement Dia will acquire the existing shareholder-loan by paying a fixed price of €26 million, and a variable rate linked to the change of certain financial ratios, which amounts to a maximum of €25.8 million. These figures must include also an estimated €99 million debt, according to a statement. At present, El Arbol Group operates 455 retail outlets (425 of which are convenience stores) located mainly in the regions of Asturias, Castilla y Leon, Aragon, Extremadura and Galicia. Net sales in 2013 amounted to €822 million. Dia will continue to use the El Arbol logo, thus demonstrating its commitment to the convenience-store retailing, and supplying fresh produce.
