Grocer Ahold To Buy Superdiplo
AMSTERDAM, Netherlands (AP) _ Royal Ahold NV, one of the world’s largest grocers, said Thursday it has agreed to buy Spanish grocer Superdiplo for about $1.1 billion in stock.
Superdiplo operates 300 food stores in southern Spain, the Canary Islands and the greater Madrid region with sales this year expected at about $1.32 billion.
Ahold owns the popular supermarket chains Stop & Shop, Giant-Landover and Edwards and broadened its U.S. holdings last March by buying U.S. Foodservice Inc., the nation’s second-largest supplier of food to restaurants, hotels and cafeterias.
It already owns 230 food stores in Seville, Grenada and Costa del Sol in Spain.
To finance the deal, Ahold said it would issue around 38 million new ordinary shares, or about 5 percent of outstanding capital.
Ahold said the deal, to be completed before the end of the year, would give stockholders in the Spanish company 0.74 Ahold shares for each Superdiplo share.