Ahold agrees strategic acquisition in the Czech Republic
March 11 2014 - 2:00AM
Zaandam, the Netherlands -
Ahold is pleased to announce that it has entered into an agreement
to acquire SPAR's business in the Czech Republic for an enterprise
value of CZK 5,245 million. The acquisition will be funded from
existing cash resources and is subject to merger clearance.
Ahold acquires 50 stores, of which 36 are compact
hypers and 14 are supermarkets. In 2013 net sales amounted to CZK
12 billion.
This acquisition is in line with Ahold's strategy
to expand its geographic reach in both current and adjacent
markets, and focus on leading market positions. Ahold has had a
presence in the Czech Republic since 1991 and has developed the
business under the Albert brand name to become one of the best
known food retailers in the country.
Commenting on the acquisition, Dick Boer, CEO of
Ahold, said: "Our Czech Republic Albert's business has continued to
successfully improve the performance of its business during recent
years. The acquisition of SPAR's business in the Czech Republic is
an important strategic step and marks an exciting new phase for
Ahold in the Czech Republic. It allows us to combine two companies
that have a natural fit and that share a continuous focus on
quality and value, and becoming a better place to shop for our
customers. It will provide our large base of local suppliers access
to an even bigger market, and I look forward to welcoming the
associates to our company."
Rudolf Staudinger, board director responsible for
foreign operations at the Austrian SPAR AG, commented: "Our company
strategy entails that we manage to establish a satisfying market
position in the countries we do business in. Our conclusion was
that this could not be realized in the Czech Republic and we will
concentrate on other markets such as Italy, Hungary, Slovenia and
Croatia. As we therefore withdraw from the Czech Republic, we are
pleased that we have found a new home for our business and for our
employees."
Ahold currently operates 284 Albert supermarkets
and compact hypers in the Czech Republic. Following the acquisition
of SPAR, the company will have over 330 stores, becoming the number
one food retailing brand in the country.
For more information, please visit Ahold.com
Ahold acquisition Czech
Republic
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ahold via Globenewswire
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