Tesco has acquired 128 convenience stores in the Czech Republic for 1.02bn koruna (£34.3m), bolstering its operations in central Europe.
The deal gives Tesco, subject to regulatory approval, 47 Koruna shops and 81 Zabka franchised kiosks which have been sold by private equity firm Penta Investments.
Tesco Czech Republic chief executive Philip J Clarke said: “The acquisition of Koruna will complement our continued organic growth of Tesco Express in the Czech Republic. The chain is a good fit with our Express format and we feel we can make improvements to the stores’ range, price and overall customer shopping trip.
“We will continue to operate the Zabka stores as a franchise which creates the opportunity to combine local entrepreneurial talent with the operating scale of Tesco.”
Tesco already has 173 shops in the Czech Republic, where it generated sales of £1.28bn last year.
No comments yet