Indotek to acquire 47% stake in Auchan holdings in Hungary
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Hungarian property developer Indotek has agreed to acquire a 47% stake in the local units of Elo, the holding company of French retailer Auchan, Elo's Hungarian businesses said, according to a report by state news wire MTI.
Under the deal, Indotek will become a minority financial investor in Auchan Retail Magyarország and Ceetrus Magyarország.
The transaction presents "opportunity for further development" for the Elo businesses, the holding company says. For Indotek, it is "an important element of strategic cooperation" and could "raise diversification to a new level".
The deal must still be cleared by the competition authority.
Indotek and Elo announced in September they were in talks on strengthening their cooperation, possibly through the acquisition of a minority stake in the retailer's local unit.
Indotek Group owns a number of shopping centers with Auchan store anchors.
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