Greek supermarket chain Sklavenitis is to purchase a large share in rival grocer Veropoulos.
The agreement to sell a 60-per-cent stake is the product of negotiations which have been ongoing for several months, according to reports. The move will increase the annual turnover of the chain to approximately €2 billion.
The official announcement that the two retailers have agreed terms has yet to be made, but it is anticipated this will occur within the next fortnight.
A massive plus for Sklavenitis will be access to the market outside Athens, as it, unlike Veropoulos, has always been capital-centric in its business.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article written by Peter Donnelly.