Athens, April x, 2008 "ALFA-BETA" VASSILOPOULOS, announced today that it has completed the earlier announced acquisition of the Greek retailer Plus Hellas. The 34 Plus Hellas stores and a new distribution center will reinforce the position of Alfa-Beta in Greece, particularly in Northern Greece where it had a limited presence.
"We look forward to serving our new customers of Plus Hellas and welcome its employees in the Alfa-Beta family," commented Kostas Macheras, Chief Executive Officer of Alfa Beta. The Plus Hellas network consists of 34 new stores (average selling area of 795 m2) and a modern distribution center (36,000 m2), including real estate ownership of 11 stores and the distribution center.
Alfa-Beta has acquired Plus Hellas for an amount of EUR 69.5 million, subject to contractual adjustments. The results of Plus Hellas will be consolidated in Alfa-Beta results of April 1, 2008. Moreover, the Plus Hellas stores will be converted to Alfa-Beta banners.
Alfa-Beta is the second largest food retailer in Greece. At the end of December 2007, Alfa-Beta's network consisted of 159 stores under the banners Alfa-Beta, AB City Market, ENA cash & carry, AB Foodmarket and AB Shop n' Go. In 2007, Alfa-Beta realized EUR 1.2 billion revenues, EUR 37.0 million net profit and it employed 7,545 people.