WARSAW (Reuters) - Polish retail and wholesale group Eurocash said on Tuesday it signed a letter of intent to buy its smaller rival Mila.
Eurocash said exclusive talks with Mila sellers, which include Argus Retail Holding Ltd, will last until Sept. 8 and that an initial deal might be signed by then.
Mila’s revenues amounted to 1.49 billion zlotys (318.9 million pounds) in 2016 with EBITDA or earnings before interest, tax, depreciation and amortisation at around 4.8 million zlotys. Mila had 188 shops as of end 2016.
Reporting by Agnieszka Barteczko; Editing by Gopakumar Warrier