Swiss retailer Migros Group has acquired the stores of German retailer and manufacturer Tegut.
The acquisition, made for an undisclosed sum, includes around 290 stores, Migros said today (11 October).
Tegut operates in the German states of Hesse and Thuringia and in the northern part of Bavaria. Headquartered in Fulda, it employs around 6,300 staff and recorded a turnover last year of EUR1.16bn (US$1.50bn).
Migros said it will use the acquisition to fulfill its expansion plans in Germany.
Migros will take over the operations of the commercial division of Tegut, it said, which includes the following banners: Okay, Gutberlet, Gutberlet Vertriebs, and TGT. Tegut will retain its bakery production facilities, charcuterie and farms.
The Swiss retailer said it will invest “millions” in upgrading and expanding Tegut’s retail operations. Its operations will remain in Fulda, as well as the wholesale business, which employs around 5,000 staff.
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Jörg Blunschi, director of Migros Zurich, said the company sees “great potential” in the Tegut operations, which he said will be strengthened further under Migros.
The purchase price was not disclosed.