Negotiations with Indotek Group have resulted in the sale of 100% of the Hungarian activities of Nhood Services and Ceetrus Hungary to the Hungarian investment group, Nhood Hungary announced. It also confirmed that with this transaction Indotek has acquired a 47% stake in Auchan's Hungarian retail operations. Auchan has an extensive Hungarian network of 19 hypermarkets, 5 supermarkets, and 18 petrol stations.
Based on a strategic review of the real estate market and the local economic environment, Nhood has reviewed its position regarding its deployment in Hungary. The negotiations that began several months ago have now resulted in Indotek Group taking a 100% stake in Ceetrus Hungary Kft. and Nhood Services Hungary Kft.
This transaction also entails the acquisition of all retail units located in the shopping galleries of Auchan hypermarkets.
"Indotek Group appears to be the best partner to take over our activities. The agreement and the change of shareholders were also designed to safeguard the best interests of the employees and all stakeholders. I'm convinced that this agreement with Indotek will give new impetus for the business in Hungary, in the best possible conditions regarding the local context, with opportunities for the employees who will be able to continue to grow and flourish," Pascal Steens, General Manager of Nhood Hungary said in a statement.
Dániel Jellinek, CEO of Indotek Group, commented on the deal, noting, “This alliance with Auchan is a milestone, both locally and by European standards. It underscores the growing trend of national and international retailers partnering in Central Europe, with our collaboration with Auchan setting a benchmark in Hungary.”
The agreement will take effect once it has been approved by the competition authorities, which is expected to be no later than 31 December 2023.
