Dutch retail giant Ahold has sold US regional retailer Tops Markets to a Morgan Stanley investment fund for US$310m.
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Ahold said the sale was part of its ongoing strategic review, which was first announced last year. The deal is expected to close by the end of the year.
Tops runs stores in the states of New York and Pennsylvania under the Tops Markets and Martin’s Super Food Stores banners.
Last year, Ahold said it would sell off parts of its business and exit ventures under a wide-ranging company review.
The programme has seen Ahold sell its Polish stores to Carrefour and offload its US Foodservice business.
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By GlobalDataAhold also plans to sell its stake in Portuguese venture Jeronimo Martins Retail (JMR).
