March 11, 2014 / 6:45 AM / 3 years ago

Ahold agrees to buy 50 supermarkets in Czech Republic

BRUSSELS, March 11 (Reuters) - Dutch supermarket group Ahold agreed to buy 50 SPAR supermarkets in the Czech Republic for an enterprise value of 5.25 billion Czech crowns ($266.3 million), the company said on Tuesday.

The group sold its stake in Nordic grocer ICA for 2.5 billion euros in 2013 and while most of the proceeds were returned to shareholders, the group kept the door open for acquisitions near its current markets.

The group said the supermarkets it will buy had net sales of 12 billion Czech crowns in 2013.

Ahold, which makes three-fifths of its revenue in the United States, already operates 284 Albert supermarkets in the Czech Republic. ($1 = 19.7136 Czech Crowns) (Reporting by Robert-Jan Bartunek)

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