Portuguese retailer Jeronimo Martins is to buy Tengelmann’s Plus discount stores in Portugal and Poland for EUR320m (US$460m).
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Portugal’s leading retailer told just-food today (21 December) that it plans to rebrand the Plus stores in both markets.
The 75 stores in Portugal will converted to the company’s Pingo Doce banner. In Poland, Jeronimo Martins will rebrand the 210 outlets to the Biedronka banner.
German conglomerate Tengelmann is weighing up the options for its Plus business throughout Europe.
Last month, the company ceded control of its German stores after a deal with local retailer Edeka. In the Czech Republic, Tesco and Rewe are rumoured to have tabled rival bids for the local Plus business.
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By GlobalDataTengelmann managing partner Karl-Erivan Haub said: “After evaluation of all the options we have decided to sell the trading business to the successful Jerónimo Martins Group. I firmly believe that our markets and employees will be in the best of hands.”
