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Raiffeisen Investment advises Delhaize Group on the acquisition of Delta Maxi Group

3 March 2011

On March 3rd, Belgian food retailer Delhaize Group announced that it has signed the transaction agreement for the acquisition of 100% of Delta Maxi Group in Serbia. Combined with its existing operations in Greece and Romania, the acquisition of Delta Maxi Group, which operates around 450 stores in Serbia, Bulgaria, Bosnia and Herzegovina, Montenegro and Albania, will make Delhaize Group a leading retailer in Southeastern Europe.

Under the terms of the agreement Delhaize Group will acquire 100% of Delta Maxi Group at closing for a purchase price of EUR 932.5 million including net debt of approximately EUR 300 million. This results in an acquisition multiple, excluding the positive effect of planned synergies, of 0.67x to 0.69x 2011 expected revenues and of 10.4x to 11.0x 2011 expected EBITDA.

The acquisition of Delta Maxi Group is subject to mutually agreed upon and customary conditions, including the approval by the merger control authorities in Serbia, Bulgaria, Montenegro and Albania. The transaction is expected to close in the third quarter of 2011.

Raiffeisen Investment, together with Lazard act as advisers to Delhaize Group.


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