The supermarket chain DIA (International Food Distributor) has agreed to sell the entire share capital of its Portuguese subsidiary, DIA Portugal Supermercados, to the French group Auchán —owner of the Alcampo chain in Spain— in exchange for 155 million euros . The operation implies the exit of the Portuguese country by the distributor, and is subject to the approval of the European and national competition authorities.
“We have announced the agreement to sell our business in Portugal with the aim of focusing our efforts on the relevant markets for the Group. ita of our clients in Portugal and for sharing our passion for the client for three decades”, says Martin Tolcachir, CEO of DIA, in a letter included in the presentation of the company’s half-yearly results.
“The Company announces that, today, it has signed, together with its wholly-owned indirectly owned subsidiary, Luxembourg Investment Company 322 S.à rl (“LuxCo 322″), a share purchase agreement, by virtue of which, among others, the Sellers will sell 100% of the share capital of DIA Portugal Supermercados, SA to Auchan Portugal, SA”, stated in a note sent to the CNMV.
DIA intends to allocate the profit from the operation to cancel and amortize part of the syndicated financing that it currently holds, and does not expect negative accounting impacts on its income statement from this operation. On its side, Auchan must meet certain conditions before March 31, 2024 so that the transfer can be completed, in addition to receiving the approval of the Portuguese Competition Authority and the European Commission, where appropriate. The buyer must commit to maintaining “certain densities” in the network of sub-franchisees that DIA had in Portugal until today.
