Mega Image takes over La Fourmi for €18.6 mln

“This deal suits Mega Image’s growth strategy perfectly, through well-positioned stores in urban areas,” Mega Image General Manager, John Kyritsis, said.

La Formi has 14 stores in central and semi-central areas of Bucharest, with sales space of 350-500 square meters. This supermarket chain, which was the first in Bucharest since 1992, was owned in a proportion of 90 percent by Greek-based Global Finance private investment fund, and several private investors (10 percent).

Following the transaction, the stores will be turned into Mega Image supermarkets. The deal is expected to be finalized in the second quarter of 2008, pending approval by the Competition Council.