Delhaize Group has announced that it has moved to acquire Greek retailer Koryfi through its subsidiary Alfa-Beta Vassilopoulos (AB), at a price of €7m plus €1.8m of financial debt.
The acquisition of 11 Koryfi outlets is designed to reinforce the position of AB in Thrace, north-east Greece, where it has a limited presence, according to a group statement.
'The acquisition of Koryfi support's Delhaize Group's objective of accelerating profitable revenue growth and fits in the company's strategy to reinforce its presence in existing or adjacent markets through fill-in acquisitions with strong synergies,' said AB CEO Konstantinos Macheras. 'The Koryfi acquisition will give Alfa-Beta an important presence in Thrace, an area in Northern Greece where we are currently absent. We look forward to welcoming the employees of Koryfi and are committed to continuing the excellent service to Koryfi customers.'
The acquisition is still subject to customary conditions, including the approval by Greek antitrust authorities, and is expected to be completed during the fourth quarter of the year.
