GREECE: Delhaize to buy Greek retailer Koryfi
Alfa-Beta, the Greek unit of Belgium-based Delhaize, has entered into a share deal to acquire local retailer Koryfi in a deal worth EUR8.8m (US$13m).
Delhaize will pay EUR7m for the company's 11 stores and distribution centre, as well as assuming debt of EUR1.8m.
The group said the acquisition would strengthen its position in Thrace, north-eastern Greece, where it has a limitted presence.
"The acquisition of Koryfi supports Delhaize Group's objective of accelerating profitable revenue growth and fits in the company's strategy to reinforce its presence in existing or adjacent markets through fill-in acquisitions with strong synergies," Alfa-Beta CEO Konstantinos Macheras said.
"The Koryfi stores will give Alfa-Beta an important presence in Thrace, an area in northern Greece where we are currently almost absent."
The company aims to covert all 11 Koryfi stores to the Alfa-Beta banner before the end of 2010.
The acquisition of Koryfi is subject to customary conditions, including the approval by the Greek antitrust authorities. The transaction is expected to close in the fourth quarter of 2009.
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