German retailer Tegut has announced the acquisition of organic supermarket chain Basic after the latter reportedly ran into financial difficulties.
Headquarted in Munich, Basic has a network of 19 outlets and headcount of 500.
Commenting on the deal, Basic CEO Christoph Eich said: “We are very pleased to now be a part of the Tegut family. For our colleagues, this is the end of a period of uncertainty. Our customers will also be happy that they can continue to shop in their traditional Basic store”.
Thomas Gutberlet, managing director of Tegut, added: “Tegut and Basic are a perfect match! We will gradually develop the existing stores together with our colleagues at Basic, learning from each other to provide our customers with a great shopping expereince”.
The deal is subject to approval by German competition regulators. Financial details were not disclosed.
Source: Tegut
