Ahold today announced that it reached an agreement with Condorum regarding the sale of Ahold's Slovakian business. Ahold Slovakia operates 24 stores, with net sales of €159 million in 2012.
Ahold carefully reviewed its strategic options and decided to sell the business as it has a limited market position in Slovakia. An exit from this country enables management to focus on its continued successful improvement of the Czech Republic business where the company operates 283 Albert stores, with 2012 net sales of €1.76 billion.
Condorum already operates more than 90 retail stores in Slovakia under the brand names Terno and Moja Samoska, with net sales of €127 million in 2012.
Financial details of the transaction have not been disclosed but are not material for Ahold. The transaction is expected to close in the first half 2014, and is subject to customary conditions.
