Metro Group has announced today (30 November) that it has signed an agreement with French retailer Auchan for the sale of Metro's Real Eastern Europe business, in a deal worth €1.1bn.
As part of the deal, Auchan will take over the operational activities and real estate assets of the subsidiary, which covers Poland, Romania, Russia and Ukraine.
According to Metro, the move allows it to focus on further developing its German Real business, while at the same time facilitating growth opportunities for business operations in Eastern Europe.
'With the purchase of Real's business activities in the four countries, Groupe Auchan takes the opportunity to balance its presence in Central and Eastern Europe, its two other priority development zones being Western Europe and Asia,' noted Vianney Mulliez, chairman of the board of directors ate Auchan. 'It is also an opportunity to offer an even better service to our customers, with very professional teams, both in Real and Auchan, that we fully trust.'
The sale comprises 91 Real hypermarkets in Poland, Russia, Romania and Ukraine including the real estate assets of 14 stores, and, in future, Real hypermarkets in Eastern Europe will operate under the Auchan brand.
'With Auchan, we found the most suitable buyer for Real's business activities in Eastern Europe,' added Olaf Koch, chairman of the management board For Metro. 'Real is already very well positioned in these countries and has great growth opportunities. Auchan offers good development perspectives for the Real hypermarkets and their employees.'
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