Portuguese retail group Sonae SGPS is said to be in negotiations with Egypt’s Abraaj Group to acquire the Spinneys supermarket chain, according to Jornal de Negócios.
Bloomberg reports that Sonae is likely to be allied with a local partner in the deal, but sources close to the process say that no final agreement between the parties exists as of now.
In addition, Abraaj Group is also said to be negotiating the sale of Spinneys’ supermarkets in Lebanon with Majid Al Futtaim Holding, which operates the Carrefour network in the Middle East.
The combined value of the two operations could be around $200 million (about €169 million), according to Bloomberg.
Expansion Plans
Sonae’s interest in the acquisition of Spinneys in Egypt comes after the Portuguese group abandoned plans to expand its Continente hypermarket brand in Angola.
Instead, the company formed a partnership with Satya Capital to acquire the Extra supermarket chain in Mozambique last year.
Spinneys, which was acquired by Abraaj Group in 2004, also operates in Qatar, the UAE and Oman.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.
