Dutch retailer Ahold has announced that it has entered into an agreement to acquire Spar's Czech Republic operations.
The deal, which is valued at Just over CZK5.2bn, will see Ahold take over 50 Spar outlets, including 36 compact hypermarkets and 14 supermarkets.
Ahold said the move was in line with its strategy to expand it's reach in both 'current and adjacent markets', focusing on leading market positions.
'Our Czech Republic Albert's business has continued to successfully improve the performance of its business during recent years,' said Ahold CEO Dick Boer. 'The acquisition of Spar's business in the Czech Republic is an important strategic step and marks an exciting new phase for Ahold in the Czech Republic.
'It allows us to combine two companies that have a natural fit and that share a continuous focus on quality and value, becoming a better place to shop for our customers,' he added. 'It will provide our large base of local suppliers access to an even bigger market, and I look forward to welcoming the associates to our company.'
Rudolf Staudinger, board director responsible for foreign operations at the Austrian Spae AG, commented: 'Our company strategy entails that we manage to establish a satisfying market position in the countries we do business in. Our conclusion was that this could not be realised in the Czech Republic and we will concentrate on other markets such as Italy, Hungary, Slovenia and Croatia. As we therefore withdraw from the Czech Republic, we are pleased that we have found a new home for our business and for our employees.'
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