Delhaize has sold 25 Maxi, Mini Maxi, and Tempo stores

Delhaize has sold 25 Maxi, Mini Maxi, and Tempo stores

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.

Show the press release

DELHAIZE GROUP : announces agreement on sale of Maxi, Mini Maxi and Tempo stores in Montenegro 07/11/2013 | 02:30am US/EasternRecommend: 0 BRUSSELS, Belgium, July 11, 2013 - Delhaize Group (Euronext Brussels: DELB, NYSE: DEG), the Belgian international food retailer, announces that it has reached an agreement with Expo Commerce ("Expo") on the divestiture of 25 Maxi, Mini Maxi, and Tempo stores in Montenegro.

Delhaize Group announces that it has signed an agreement with Expo to sell all 25 Maxi, Mini Maxi, and Tempo stores it operates in Montenegro. In 2012, these stores generated revenues of approximately ?50 million. Expo is a distributor of major branded fast-moving consumer goods. 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 as well as customary closing conditions and working capital adjustments. Bank of America Merrill Lynch acted as exclusive financial advisor to Delhaize Group for this transaction.

» Delhaize Group

Delhaize Group is a Belgian international food retailer present in ten countries on three continents. At the end of the first quarter of 2013, Delhaize Group's sales network consisted of 3,411 stores. In 2012, Delhaize Group posted ?22.6 billion ($29.0 billion) in revenues and ?104 million ($134 million) in net profit (Group share). At the end of 2012, Delhaize Group employed approximately 158,000 people.

This press release is available in English, French and Dutch. You can also find it on the website http://www.delhaizegroup.com:http://www.delhaizegroup.com/. Questions can be sent to investor@delhaizegroup.com.

» Contacts

Investor Relations: + 32 2 412 2151
Media Relations - Group: + 32 2 412 8669 Media Relations - Serbia: +381 65 3495 113

Original source: Delhaize Group