Spain: Dia acquires El Arbol
Dia has agreed a deal through which it will acquire 100% of the shares of the Spanish supermarket chain Grupo El Arbol Distribucion y Supermercados (El Arbol), further consolidating Dia’s presence in the Spanish market.
The shares have been acquired for the nominal value of €1, with Dia assuming responsibility for El Arbol’s debt, which totals €150.8 million ($206 million).
Grupo El Arbol has 455 outlets predominantly sited across the north and west of Spain and employs more than 7,000 staff. Net sales for the last financial year were €822 million ($1.123 billion), significantly down on the previous year.
A spokesperson for Dia is quoted by Granconsumo.tv as saying that no “abrupt changes” were envisaged, with decisions still to be made on staff numbers, management and logistics platforms. Reuters reports that Dia will continue to operate the El Arbol brand and will focus efforts on fresh produce.
Prior to its acquisition by Dia, El Arbol was 40% owned by Madrigal and 20% owned by Empresarios Integrados, with Castellana Capital also holding 30% of shares.
Source: Granconsumo.tv / El Arbol