Lisbon, Dec. 21 - Portuguese retailer Jeronimo Martins on Friday said it had reached an agreement with Tengelmann Warenhandelsgesellschaft KG to buy its Plus Discount supermarkets in Portugal and Poland for about 320 million euros.
Martins said the 75 Plus Discount stores in Portugal and 210 stores in Poland would be integrated with its second largest supermarket operator in Portugal, Pingo Doce, and the leader in discount supermarkets in Poland Biedronka.
"Through the integration of Plus Portugal and Poland, Pingo Doce and Biedronka will be able to achieve significant scale benefits and, within a period of three years, aim to improve the operating performance of the acquired businesses," Martins said.
UBS Investment Bank advised Martins on the transaction.