Pafos Live 21 June 2024
The agreement for the acquisition of Papantoniou Supermarkets by Sklavenitis Cyprus has been locked, with the domestic market leader expanding its footprint in Cyprus. With the inclusion of the new stores, Sklavenitis Cyprus strengthens its network reaching a total of 27 stores, from 18 after the acquisition of Marinopoulos, a dynamic that had placed it in third place behind the Cypriot Alpha Mega and Lidl.
Papantoniou Supermarket has 9 stores, while since 2018 it operates a state-of-the-art distribution center for better handling of exclusive imports and Papantoniou private label. At the same time, it has invested in the creation of a modern processing and packaging unit for fresh meat, fruits and vegetables.
The new scheme is estimated to have a cumulative turnover of more than €320 million. As announced, the agreement is subject to the approval of the Hellenic Competition Commission and is expected to be completed within the next few months, while maintaining all 769 jobs.
