Israeli retailer Shufersal to buy electrics importer Mini Line

A man pushes a shopping cart outside Shufersal, Israel's largest supermarket chain, in the West Bank Jewish settlement of Mishor Adumim near Jerusalem May 5, 2013. REUTERS/Ammar Awad/

JERUSALEM, Feb 3 (Reuters) - Shufersal (SAE.TA), Israel's largest supermarket chain, said on Thursday it signed an agreement to buy a 60% stake in Mini Line, an importer of consumer electrical goods, for 560 million shekels ($176 million).

The deal values Mini Line at 936 million shekels, it said.

Shufersal, which already sells consumer electrical and electronic goods, said the acquisition of control of Mini Line is "part of its strategy to expand its activities in the retail field and to enter complementary areas that will offer added value and products" to its business, which has some 2 million customers.

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Mini Line is the official importer of home appliances from AEG, Samsung, and Electrolux. It also markets Fujitsu air conditioning systems and operates the ALM chain of electronics stores.

Shufersal said it will appoint a chairman of Mini Line's board and will have the option of buying the remainder of Mini Line three years after the transaction is completed.

The deal still requires various approvals, including from Israel's Competition Authority.

($1 = 3.1800 shekels)

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Reporting by Steven Scheer Editing by Ari Rabinovitch

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