Delhaize has been given the green light to complete the acquisition of Serbian retailer Delta Maxi for €932.5m.
Delta Maxi is Serbia's largest retailer, operating around 350 stores, and also has around 150 outlets in Albania, Bosnia and Herzegovina, Bulgaria and Montenegro.
Delhaize hopes to find more than €20m in EBITDA synergies after integration and will now focus on that process for the next few quarters.
Pierre-Olivier Beckers, Delhaize's group president and CEO, said: 'This transaction fits perfectly in our New Game Plan, our strategic plan focused on accelerating profitable revenue growth. The addition of Delta Maxi combined with our existing businesses in Romania and Greece makes Delhaize Group into a leading player in the region. We are looking forward to growing our business in this promising part of Europe.'
Kostas Macheras, executive vice-president of the group and CEO of Delhaize Southeastern Europe added: 'We are looking forward to continuing to build on the local strengths of the Delta Maxi stores and to strengthen the relationships with local suppliers.'
