The biggest transaction in Romania’s retail sector received the green light from the Competition Council, according to Romania-Insider.com.
Investment fund Mid Europa Partners can thus finalize the takeover of Profi, a local network of more than 500 supermarkets, with a turnover of almost EUR 800 million last year.
The deal between Mid Europa Partners and private equity fund Enterprise Investors, Profi’s former owner, was signed at the end of November 2016. The final price was EUR 533 million.
The retailer has a network of about 500 stores, but plans to open 200 new units this year and reach a turnover of EUR 1 billion. If this happens, Profi will become the retailer with the most extended store network, surpassing Mega Image.
Mid Europa Partners will control the retailer via the company MEP Retail Investments SRL, according to the Competition Council.