Ahold has entered into an agreement to acquire SPAR (Austria)’s business in the Czech Republic for a value of CZK5.25 billion (USD262 million). The acquisition will be funded from existing cash resources and is subject to clearance from regulators.

The 50 SPAR stores comprise 36 compact hypermarkets and 14 supermarkets. In 2013, the operation posted net sales of CZK12 billion (USD614 million). Ahold said this acquisition was in line with its strategy to expand its geographic reach in both existing and adjacent markets, with a focus on leading market positions. Netherlands-based Ahold currently operates 284 Albert supermarkets and compact hypermarkets in the Czech Republic. Following the acquisition, the company will have over 330 stores. As a result, Ahold will become the second-biggest player in the market by sales behind Schwarz Group’s Lidl and Kaufland stores.

Source: www.planetretail.net