Belgian international food retailer Delhaize Group said it has signed an agreement to sell its Bulgarian operations to AP Mart, which is in the process of registration.
The transaction is expected to close in the second quarter and is subject to regulatory approval as well as customary closing conditions and working capital adjustments, Delhaize Group said in a statement.
In the country, Delhaize operated 54 supermarkets and convenience stores under the Piccadilly brand as of the December 31.
Delhaize Group took over the Piccadilly stores in Bulgarian within its 2011 acquisition of Serbian retailer Delta Maxi Group, which operated 450 stores in five SEE countries at the time, for 932.5 million euro ($1.28 billion) from local conglomerate Delta Holding.
The combined revenues of Delhaize from its operations in SEE increased 5.1% to 3.1 billion euro in 2013 while revenues increased by 4.5% both at actual and identical exchange rates, to 852 million euro, the company said last month.
In Southeast Europe (SEE), Delhaize also has operations in Greece, Serbia, Romania and Bosnia and Herzegovina.
The company sold its operations in Montenegro in 2013.