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ZAANDAM, The Netherlands - Dutch retailer Ahold N.V. today announced its Polish subsidiary Ahold Polska has agreed to acquire five hypermarkets from Jeronimo Martins, Ahold's joint venture partner in Portugal. A transaction sum of approximately Euro 20 million ($19.6 billion) is involved. The transaction is subject to regulatory approval and is expected to be finalized in the 4th quarter of 2002.
Jeronimo Martins SGPS, S.A. operates five 'Jumbo' hypermarkets on the outskirts and in residential areas of the densely populated cities of Poznan, Lodz and Bydgoszcz in Central Poland. The stores generate combined annualized sales of approximately Euro 75 million ($73.5 million). The five hypermarkets were built between 1996 and 2000, and the largest has an average selling space of 78,000 square feet.
"We are delighted to be able to add these popular Jumbo hypermarkets to our current store portfolio in Poland," said Jan Andreae, member of the Ahold Corporate Executive Board responsible for European operations. "Despite a challenging and competitive retail environment, we are achieving solid organic sales growth coupled with an ambitious store opening program. Taking over these Polish stores from our partner in Portugal enables us to offer a full range of food products and general merchandise to more local customers. It also boosts our presence and position in an important market for us with significant long-term potential."