The Metro Group continues to pare its assets portfolio, with its latest move seeing it sell off its Makro Cash & Carry unit in Greece. The deal is the latest in a string of sales by the German group, as it focuses on core markets and core banners.

Metro operates nine wholesale stores in the country, and is selling them to local retail group Sklavenitis for an enterprise value of €65m. The stores generated sales of €301m in the pro-forma 2013 fiscal year. The German group said the deal will have no impact on its operating profit for the current fiscal year.

Olaf Koch, CEO of Metro Group, noted: “Sklavenitis is already very well positioned in Greece and can leverage economies of scale and synergies with Makro which we would not have been able to achieve on our own. At the same time, with this transaction we are continuing on our adopted course of focusing on those countries where we have a critical mass and a relevant market position on the basis of which we can develop a long-term growth perspective for our business. In Greece, we would unfortunately not have been able to do so on our own in the years to come.”
The deal, which is subject to regulatory approval, is expected to be completed by the first half of 2015.

Source: www.kamcity.com