Tesco Czechia and Slovakia acquired by Ahold Delhaize

Tesco agreed on 30 October 2026 to sell its Czech and Slovak businesses to Ahold Delhaize, which acquired the entire operations at an enterprise value of €1–10bn on a cash-free, debt-free basis. On that lease-adjusted basis the price represented an EV/EBITDA multiple of 5x–12x, around two turns lower once expected synergies are counted. Completion was expected in the fourth quarter of 2027, subject to regulatory clearances, and Ahold Delhaize funded the purchase with committed financing and its own resources. The perimeter covered more than 360 supermarkets, hypermarkets and convenience stores operated directly, over 100 franchised stores, all the offices in both countries and the distribution centres at Kralupy, Prešov and Beckov. The business generated sales of €1–10bn and employed more than 14,000 people. Hungary was excluded and remained with Tesco. For Ahold Delhaize, the purchase came down to density. Its Albert chain already operates in Czechia, and combining the two networks would make it the largest grocery retailer there by market share, while Slovakia was a market it did not serve. Scale in food retail determines purchasing terms and the cost of each delivery, which is why acquiring an established network matters more than entering gradually. For Tesco, the sale continued a withdrawal from markets outside Britain and Ireland begun in 2012, after disposals in the United States, South Korea in 2015 for 4.2 billion pounds and Thailand and Malaysia in 2020 for 8 billion. Since 2021 it had also released around 0.5 billion pounds by selling property in central Europe, including several shopping centres. The proceeds were to fund investment in its home market and a further return of capital to shareholders. Goldman Sachs and Citi acted as joint financial advisers to Tesco, with A&O Shearman as legal counsel, while BofA Securities advised Ahold Delhaize, with CMS as lead transaction counsel and Crowell & Moring and Havel & Partners on regulatory matters.