Sklavenitis-Papantoniou Supermarkets takeover a “done deal”

10:26 - 11 April 2024

Companies

A deal that will see Greek retail giant Sklavenitis take over the local chain Papantoniou Supermarkets is expected to be sealed imminently, with relevant announcements expected to follow.

Citing inside sources, InBusinessNews has reported that it is a matter of days before the deal is made official, bringing with it sweeping changes to the local retail market.

According to the sources, the two chains have been in talks for months and all that is left is to settle some formalities and technical issues before the deal is sealed.

The acquisition of Papantoniou Supermarkets is part of the Sklavenitis Group’s broader expansion strategy, with the investment expected to be in the range of €50-60 million. Beyond its investments in Greece and Cyprus, the Group also plans to expand to Central Europe.

Sklavenitis had a record-breaking turnover of over €5b in 2023, according to Greek media reports, which was up from €4.47b in 2022.

As for the local retail market, Sklavenitis has been a key player since 2017 and this new supermarket chain that will be created following the deal is projected to have an annual turnover of over €300m.

Currently, Sklavenitis runs 18 stores and a food prep plant in the Cypriot market; eight in Nicosia, five in Limassol, two in Paphos, two in Larnaca and one in Paralimni.

It employs over 1,500 people and serves 20,000 customers on average per day.

Papantoniou Supermarkets, meanwhile, operates nine stores, including five in Paphos, three in Limassol and one in Nicosia. It is Paphos’ most popular supermarket chain, having opened its first store in 1987 in Chloraka, and it employs more than 900 people.

Sklavenitis-Papantoniou Supermarkets takeover a “done deal”

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