Belgian food retailer Delhaize has announced that it has completed the acquisition of the Cash Fresh supermarket chain in Belgium, after unconditional approval by the Belgian antitrust authorities.
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Delhaize acquired Cash Fresh, a profitable chain of 43 supermarkets mainly in northeastern Belgium, for a maximum amount of €118.6m (US$146.5m), subject to contractual adjustments. An additional €51m has been paid to acquire real estate assets of Cash Fresh. In fiscal 2004, Cash Fresh posted sales of €209m.
The results of Cash Fresh will be consolidated in Delhaize’s results from 30 May 2005. The transaction is expected to be earnings accretive in 2005 and beyond. Delhaize will convert the Cash Fresh stores to Delhaize banners over time.
