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Lithuania's Maxima buys Spanish store chain Cash Diplo

Andriaus Ufarto/BFL nuotr. / „Maxima“
Šaltinis: BNS

Lithuania’s VP Grupė, owner of the biggest retail chain in the Baltics, Maxima, is buying Cash Diplo, another chain of stores owned by Spain’s Dinosol, Spanish media reports.

The chain would be acquired by Agile Finance, an investment company that is related to Maxima, Agile Finance CEO, Aurimas Zimnickas, confirmed to BNS.

“We have signed an agreement on the acquisition of business in Spain. That business – Cash Diplo – includes 36 stores on the continent and in the Canary Islands, it employs a workforce of 350. These are wholesale stores. Supersol were supermarkets and over-the-corner stores,” he told BNS.

“We think it is a good acquisition,” he added.

Zimnickas would not disclose the value of the deal saying this was “confidential information”. The company applied to Spain’s competition regulators for the clearance of the deal earlier this week, he said.

Agile Finance is now waiting for Spanish regulators’ decision on the acquisition of Supersol, a chain of stores owned by Dinosol.

Supersol had sales of 578 million euros and EBITDA of 13 million euros at the end of 2009.

Dinosol is one of Spain's largest distribution companies, ranking fifth among the country's shopping centers. The company projected sales of 1.376 billion euros in 2011, down 1.5 percent compared with 2010.

The Maxima Group, which owns a retail chain in the three Baltic countries and Bulgaria, last year posted a 6.5 percent rise in consolidated annual sales to 7.767 billion litas. The group invested 219 million litas in business development last year.

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