French retail giant Carrefour has agreed to buy 250 discount stores in Spain from German retailer Tengelmann.
The EUR200m (US$276m) deal comes after talks between the two companies over the future of Tengelmann’s Plus stores in Spain.
The deal was made through Carrefour’s local Dia business, which already runs over 2,800 outlets in Spain. After the acquisition gets anti-trust approval, Dia will undertake “an optimisation” of its portfolio throughout Spain, Carrefour said.
Tengelmann told just-food last week that it was looking to offload its Plus operations in Spain after the business fell short of the company’s expectations.
Tenglemann owns stores in a number of countries in Europe and the US, where it is the majority shareholder in retail group A&P.