Dutch retailer Ahold has announced that it reached an agreement with Condorum regarding the sale of Ahold’s Slovakian business. Ahold Slovakia operates 24 stores, with net sales of €159 million in 2012.
Ahold reviewed its strategic options and decided to sell the business as it has a limited market position in Slovakia. An exit from this country enables management to focus on its continued successful improvement of the Czech Republic business, Ahold said in a statement.
The company operates 283 Albert stores in the Czech Republic, with 2012 net sales of €1.76 billion.
Condorum already operates more than 90 retail stores in Slovakia under the brand names Terno and Moja Samoska, with net sales of €127 million in 2012.
Financial details of the transaction have not been disclosed. The transaction is expected to close in the first half 2014, and is subject to customary conditions.
