Belgium’s Delhaize buys Serbian retailer

TIRANA, June 20 – Delhaize Group, the Brussels-based retail conglomerate, has entered into an agreement to acquire the Serbian retail company Delta Maxi Group, which operates about 450 stores in five southeastern European countries, including Albania with 16 Euromax supermarkets.
The company’s network consists mainly of four types of food retailers: convenience stores and supermarkets under the Maxi, Piccadilly and Euromax banners; Tempo Express discount stores; and Tempo hypermarkets. Delta Maxi employs about 15,000 associates at its markets.
Under the terms of the agreement, Delhaize will acquire 100 percent of Delta Maxi for 932.5 million Euros, including a net debt of about 300 million Euros. Delhaize expects the deal, including transaction costs, to be immediately earnings accretive as of 2011. The transaction includes the real estate ownership of more than half of the Serbian stores and seven Delta Maxi distribution centers.
Belgrade-based Delta Maxi began operations in 2000. Today, the group has stores in Serbia, Bulgaria, Bosnia and Herzegovina, Montenegro and Albania. The company is the largest food retailer in Serbia, with around 350 stores.