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Retail

Sonae In Negotiations To Buy Egyptian Supermarket Chain

Portuguese retail group Sonae SGPS is said to be in negotiations with Egypt’s Abraaj Group to acquire the Spinneys supermarket chain, according to Jornal de Negócios.

Bloomberg reports that Sonae is likely to be allied with a local partner in the deal, but sources close to the process say that no final agreement between the parties exists as of now.

In addition, Abraaj Group is also said to be negotiating the sale of Spinneys’ supermarkets in Lebanon with Majid Al Futtaim Holding, which operates the Carrefour network in the Middle East.

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