Slovenian retailer Mercator is to buy a chain of 77 stores from Montenegrin retailer Pantomarket.
As part of the agreement, announced today (1 July), Mercator will take over the trade activities and all employees of the companies of Pantomarket, which includes Herceg, Novi , Plus Commerce and Niksic.
The alliance also includes long-term cooperation between The Mercator Group and the manufacturing companies of the Panto Group in the field of procurement of food products.
The acquisition will boost Mercator’s market share in the country to 20% from 4%.
“The strategic alliance is consistent with Mercator’s strategy of growth and the vision of becoming the largest fast-moving consumer goods retailer in the entire region of Southeastern Europe,” the firm said.
The agreement will become effective as soon as all permits are obtained from the Montenegrin Competition Protection Office.