French multinational retail group Auchan has announced the acquisition of Grupo Dia’s operation in Portugal, where the company currently operates 489 stores.
According to sources, the deal includes all 489 stores under the Minipreco and Mais Perto banners, three warehouses, licenses and assets necessary for the operation. In addition, the agreement guarantees the integration of 2,650 Minipreco employees.
Martín Tolcachir, global executive president of Grupo Dia commented: “Our goal is for Dia to focus on countries where it has growth potential. For this, it is necessary to face the current scenario and simplify the perimeter of Grupo Dia”.
Pedro Cid, general manager from Auchan Retail Portugal, said: “This acquisition represents a strong commitment by Auchan, by combining its experience of more than 50 years in hypermarkets in Portugal with the proximity segment and also with the franchising model, which is one of the strengths of Minipreco”.
The deal is up for approval by the local authorities, if it is approved, Auchan will purchase the operation for €155 million ($169 million).
Source: Eco Sapo