Delhaize Reaches Agreement On Divestiture Of 25 Maxi, Mini Maxi, Tempo Stores

(RTTNews) - Belgian food retailer Delhaize Group (DEG) Thursday said it has reached an agreement with Expo Commerce on the divestiture of 25 Maxi, Mini Maxi, and Tempo stores in Montenegro. In 2012, these stores generated revenues of about 50 million euros.

Expo is a distributor of major branded fast-moving consumer goods. Delhaize and Expo will enter into a franchise agreement maintaining the Maxi, Mini Maxi and Tempo names.

The transaction is expected to close in the fourth quarter. Bank of America Merrill Lynch acted as exclusive financial advisor to Delhaize for this transaction.