Czech Republic: Ahold acquires Spar business

According to media reports, Ahold has reached an agreement to acquire the Spar business in the Czech Republic.

The move is a further step in Ahold's plan to restructure its European business. After previously selling its ICA operations in Sweden (which yielded €2.5bn including dividends), the company is now aiming to strengthen the market position in the Czech Republic.

The value of the deal, through which Ahold will acquire 50 Spar stores (36 compact hypermarkets and 14 supermarkets), is CZK5.25 billion ($262 million) and the acquisition will be funded from existing cash resources. The Netherlands-based company currently operates 284 Albert supermarkets and compact hypermarkets in the country and will have more than 330 stores after the deal.

Globally, Ahold operates over 3,000 stores and recorded net sales in 2013 in excess of €32 billion.

Source: Planet Retail