X5 Retail Group N.V. has closed the deal whereby it acquired 100% of business and assets of the Paterson supermarket chain. Under the deal, the share capital cost $189.5m, and X5 also assumed Paterson's debts of roughly $85m. In the first quarter of 2010, X5 plans to set about integrating Paterson into its chain, a process to be completed in the first half of 2010.
The acquisition will solidify X5's standing as the main player in the supermarket format. Once rebranding is complete, X5 reckons to achieve a considerable synergistic effect by boosting the acquired chain's sales and profitability.
