UK-based retail giant Tesco has moved to acquire 128 convenience stores in the Czech Republic as it looks to further increase its international presence.
According to media reports in the UK, the group has invested some £34.3m (€40.3m) in purchasing 47 Koruna stores and 81 Zabka franchised kiosks from Penta Investments, a private equity organisation.
Tesco will continue to operate the Zabka stores as a franchise, according to The Independent, although the deal is still subject to approval by regulatory authorities.
"The acquisition of Koruna will complement our continued organic growth of Tesco Express in the Czech Republic," said Philip Clarke, chief executive of Tesco Czech Republic. "The chain is a good fit with our Express format and we feel we can make improvements to the stores' range, price and overall customer shopping trip."