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Sklavenitis Cyprus has announced the integration of Papantoniou Supermarkets into its network. This move strengthens Sklavenitis Cyprus' presence, bringing its total number of stores to 27, while retaining 769 jobs.
Sklavenitis Cyprus announcement
Sklavenitis Cyprus has signed an agreement with the Papantoniou family to incorporate Papantoniou Supermarkets into its network. With this addition, Sklavenitis Cyprus reaffirms its commitment to retail development and confidence in the Cypriot economy's prospects.
This integration ensures more consumers have access to a wide variety of premium products at the lowest market prices, alongside top-notch service. The retention of 769 jobs underscores the company’s commitment to its workforce.
The deal is subject to approval by the Competition Commission and is expected to be finalised within the next few months.
Papantoniou Group announcement
Papantoniou Group has concluded an agreement with Sklavenitis Cyprus, aligning with their shared vision and values. This collaboration is seen as an ideal continuation for Papantoniou's hypermarkets.
The goal of the agreement is to satisfy both parties, ensuring a dynamic and successful future for supermarkets, customers, partners, and employees. The cooperation aims to offer high-quality products at the lowest prices and provide an exceptional, consumer-centred experience.
This new chapter is expected to benefit consumers, workers, and the overall Cypriot market and economy.
The deal, subject to standard transaction conditions and Competition Commission approval, is anticipated to be completed in the coming months.
PricewaterhouseCoopers Ltd acted as financial advisor for Papantoniou Group, while the Andreas S. Law Firm Angelides LLP., led by lawyer Simo A. Angelidis, served as legal advisors for the agreement.
