GERMANY: Spar to sell its Spar Netto outlets in Germany
German grocery store chain Spar is to sell its 1,100 Spar Netto discount stores in Germany in a deal that could be worth €500-750m (US$599-899m).
Spar, which operates 2,500 Spar and SuperSpar supermarkets in Europe, plans to sell the Spar Netto chain in Germany, having already disposed of its convenience stores and outlets at petrol stations there, reported the Financial Times. Spar Netto is independent of Netto, which has 192 stores in Germany.
The Spar Netto sale process is at a preliminary stage and is expected to continue into the first quarter of next year, the paper said, citing people familiar with the situation.
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