Amsterdam, the Netherlands – Ahold today announced it has successfully completed the sale of Tops Markets, LLC to Morgan Stanley Private Equity.
This follows the agreement announced on October 11, 2007 on a purchase price of USD 310 million. The final purchase price is subject to customary price adjustments. Closing of the transaction was subject to the fulfillment of customary conditions, including anti-trust clearance and a financing condition. Capitalized lease obligations will remain with Tops, although Ahold will retain contingent liability for the majority of these lease obligations.
The divestment of Tops is part of Ahold’s strategy resulting from its retail review announced in November 2006.
Tops operates stores in western New York, mid-state New York including the Rochester area, and northwestern Pennsylvania under the banners of Tops Markets and Martin’s Super Food Stores. Tops currently employs approximately 10,000 full- and part-time employees.
Ahold Press Office: +31 (0)20 509 5343
