Belgian retailer Delhaize Group has sold 25 of its stores in Montenegro to distributor Expo Commerce.

The group said today (11 July) it has reached an agreement with Expo for the divestiture of 25 Maxi, Mini Maxi, and Tempo stores in the country. In 2012, the stores generated revenues of around EUR50m.

Delhaize and Expo will enter into a franchise agreement maintaining the Maxi, Mini Maxi and Tempo names.

The transaction is expected to close in the fourth quarter of 2013 and is subject to regulatory approval.