November 24, 2017 / 6:59 AM / a year ago

Lithuania's Maxima plans to buy Poland's Emperia for around $338 million

WARSAW (Reuters) - Polish retail group Emperia EMP.WA said Lithuania’s Maxima Grupe will announce a tender on Friday to buy all of Emperia’s shares for at least 100 zlotys each, valuing the potential deal at around 1.2 billion zlotys ($337.96 million).

The investment agreement was signed on Thursday, Emperia said.

Shares in Emperia stood at 93.87 zlotys each at market close on Thursday and were up 44.4 percent since the start of the year. Earlier this month, Emperia said it started talks with Maxima Grupe as a potential strategic investor.

Maxima Grupe controls retail chains in Lithuania, Latvia, Estonia, Bulgaria and Poland. Emperia, which was founded in 1990, owns the Stokrotka retail chain in Poland.

Emperia also said two of its shareholders, who are mainly investment funds and private pension funds, Altus 29 FIZ and Ipopema 72 FIZAN, agreed to sell their shares in Emperia to Maxima, representing 21 percent of the company’s capital.

Reporting by Agnieszka Barteczko; Editing by Sunil Nair

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