Joint venture
AP Mart currently owns Piccadilly, while KMB Bulgaria exploits Carrefour Bulgaria. The new joint venture will see its capital increased by another 46 million Bulgarian lev (23.5 million euro) over the next 2 years, even though the Bulgarian anti-trust authority still has to approve the merger.
Belgian chain Delhaize had bought Piccadilly in 2011 as part of the Delta Maxi company in the Balkans, worth 900 million euro in total. It had hoped to gain a foothold in the pPeninsula, but since then it has sold off large parts of its local operations.
