Belgium's global food retailer, Delhaize Group, publicized that it entered an agreement with Expo Commerce. The deal would be regarding the Delhaize's divestiture of Montenegro's 25 Maxi, Mini Maxi, and Tempo outlets.
The said stores earned about Eur50 million last year. The two companies would sign a franchise deal that would maintain the Maxi, Mini Maxi and Tempo label.
Expo was a supplier of foremost branded fast-moving consumer products.
The deal was anticipated to be finalized in this year's final quarter. It was still subjected to regulatory approval including the traditional shutting down terms and working capital adjustments.
Delhaize appointed Bank of America Merrill Lynch to act as a financial adviser for the transaction.
Delhaize Group was a retailer present on three continent's ten countries. After 2013's first quarter, the company's sales network was comprised of 3,411 outlets. Delhaize reported Eur22.6 billion equivalent to US$29.0 billion revenues in 2012. This included Eur104 million or US$134 million in net profit. By the end of 2012, the company was able to employ roughly 158,000 people.
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