Tesco Acquires HIT Hypermarkets in Poland
LONDON - UK retailer Tesco on Thursday strengthened its position in central Europe by buying a chain of 13 Polish hypermarkets, The Express reports.
Tesco said it was bound by a confidentiality agreement and could not say how much it had paid HIT Germany for the business,
which also takes in a further two stores under construction. But analysts put a price tag of up to GBP 450 million ($684.5 million) on the deal.
The company is now the biggest hypermarket player in Poland. It entered the country seven years ago with the acquisition of the Savia chain, but a challenging economic environment meant the operation, which now totals 47 stores including 15 hypermarkets, took until the last financial year to move into profit.
Tesco said HIT Germany was a profitable business, generating sales of GBP 337 million ($512.6 million) in the year to last December.
Tesco said it was bound by a confidentiality agreement and could not say how much it had paid HIT Germany for the business,
The company is now the biggest hypermarket player in Poland. It entered the country seven years ago with the acquisition of the Savia chain, but a challenging economic environment meant the operation, which now totals 47 stores including 15 hypermarkets, took until the last financial year to move into profit.
Tesco said HIT Germany was a profitable business, generating sales of GBP 337 million ($512.6 million) in the year to last December.
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