Delhaize sells out all property in Montenegro - Expo Commerce takes over 25 Maxi, Mini Maxi and Tempo stores

Belgium's Delhaize Group said in a release today that it had reached an agreement with Expo Commerce (Expo) to sell 25 Maxi, Mini Maxi and Tempo stores in Montenegro to that company.

Delhaize Group has thus sold all of its facilities in Montenegro. Last year these stores generated a total revenue of about EUR 50 million. Expo is a distributor of the largest brands of consumer goods. Delhaize and Expo will do business in line with a franchising agreement, so Maxi, Mini Maxi and Tempo stores will keep operating under the same name.

This transaction is expected to complete in Q4 2013.

The US bank Merrill Lynch was an exclusive adviser to Delhaize Group for this transaction.