The financial details of the deal were not disclosed. Spar had acquired its stake in 1995, when BauMax bought Spar’s DIY unit Buettinghaus. BauMax CEO Martin Essl said the company plans to expand to Bulgaria in 2008, as well as open new stores in Austria, the Czech Republic, Slovakia, Hungary, Slovenia, Croatia and Romania. In the long-term, BauMax will also look to enter the markets of Turkey, Ukraine and former Yugoslavia. BauMax currently operates 128 stores in seven countries in central and southeastern Europe, and had sales of €1.25 billion (about $1.8 billion) in 2007. (kamcity.com)
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