Sklavenitis-Papantoniou deal: The takeover redefining the retail map is taking shape

Within the next few weeks, if not days, official announcements are anticipated in connection to a significant deal in Cyprus’ retail sector.

According to sources cited by the Greek website Euro2day.gr, negotiations between the Sklavenitis Group and Papantoniou Supermarkets, one of the largest retailers in Cyprus, are at an advanced stage, while according to other sources, relevant announcements are expected as early as within the next few days and within the month at the latest. This is something which, however, has not been officially confirmed by the Greek chain.

As InBusinessNews recently reported, the agreement between Sklavenitis and Papantoniou has essentially been locked-in, with its formalisation expected within the summer.

According to Euro2day.gr, the "appetite" of Sklavenitis, market leader in the Greek market, for its further expansion in Cyprus was confirmed months ago, when it assigned the project to the former Mayor of Filothei-Psychiko, Dimitris Galanis.

Creating new balances in retail

The formal completion of the absorption of Papantoniou Supermarkets by the Sklavenitis Group, after many months of negotiations between the two sides, is expected to change the balances and create new conditions in the Cypriot market.

After the absorption of Marinopoulos, in 2017, Sklavenitis is a key player in the retail trade of Cyprus. With the sealing of the ongoing agreement with Papantoniou Supermarkets, another chain will be created with an estimated total annual turnover that will exceed €300 million.

The dynamics of the two chains

Sklavenitis operates 18 stores and one food processing plant in the Cypriot market, among them eight in Nicosia, five in Limassol, two in Paphos, two in Larnaca and one in Paralimni.

More than 1,500 employees of the chain serve more than 20,000 customers on a daily basis.

On the other hand, Papantoniou Supermarkets have a total of nine stores, among others, five in Paphos, three in Limassol and one in Nicosia (Engomi).

The company, a leading supermarket chain in the Paphos area, which opened its first store in Chloraka in 1987, employs over 900 workers.

(Source: inBusinessNews)