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BRUSSELS, Belgium -- Delhaize Group, the Belgium-based parent company of Food Lion, Hannaford, and Kash n' Karry/Sweetbay in the United States, said yesterday it has completed the earlier-announced acquisition of Cash Fresh in Belgium, after unconditional approval by the Belgian antitrust authorities.
Cash Fresh is a chain of 43 supermarkets mainly in northeastern Belgium. In fiscal year 2004, Cash Fresh posted EUR 209 million in sales.
Delhaize Group has acquired Cash Fresh for a maximum amount of EUR 118.6 million, subject to contractual adjustments. An additional EUR 51 million has been paid to acquire real estate assets of Cash Fresh.
Delhaize said the results of Cash Fresh will be consolidated in its results from May 30, 2005. The transaction is expected to be earnings accretive in 2005 and beyond, the company noted.
Delhaize said it will convert the Cash Fresh stores to Delhaize banners over time.