17th March 2021
Having secured approval from local competition authorities at the end of last week, Tesco announced yesterday that it has now completed the sale of its business in Poland to Denmark’s Salling Group.
Tesco announced its plan to exit Poland last June, citing ongoing “market challenges”. The British retailer said at the time that the £181m deal with the Salling Group would allow it to focus on its other operations in central Europe (the Czech Republic, Hungary and Slovakia), which had better growth prospects and contributed more to the business.
The sale to the Salling Group includes 300 stores together with distribution centres and a head office.
Netto completes Tesco Poland acquisition
Date : 17 March 2021
Salling Group’s discount banner Netto has
completed its acquisition of Tesco Poland, following approval from local competition authorities. The move will see Salling Group acquire 300 stores and two distribution centres. For Tesco, the exit from Poland reduces its central European business to the three much smaller markets of Hungary, Czech Republic and Slovakia.
Netto’s biggest investment to date, international business now bigger than domestic market
The deal, which is worth PLN 800m (€181m), is both Salling Group and Netto’s biggest investment to date and will mark the first time that Netto operates more stores internationally than in its domestic market of Denmark.
15th March 2021
The sale of Tescoâs business in Poland to Denmarkâs Salling Group, which was agreed on last June, has secured approval from the local competition authority.
Citing ongoing âmarket challengesâ, Tesco said at the time that the deal worth £181m would allow it to focus on its other operations in central Europe (the Czech Republic, Hungary and Slovakia), which had better growth prospects and contributed more to the business.
The sale to the Salling Group includes 300 stores together with distribution centres and a head office.
The deal does not require shareholder approval with Tesco now expecting completion before the end of this month.
Philip Gawith (Teneo)
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