Jeronimo Martins, the owner of Biedronka retailing network in Poland, bought from German Tengelmann Plus networks in Poland and Portugal. The value of the transaction amounts to EUR 320m. It will be concluded in the first half of 2008 after competition authorities of both countries approve of the process.
Annual sales of Plus in Poland amount to EUR 344m. Biedronka with 1,031 shops in Poland and over PLN 6bn (EUR 1.6bn) of sales in the first three quarters of this year will have a chance to reach PLN 10bn of annual sales in the near future.
(PLN 1 = EUR 0.276)