EDEKA to acquire a majority stake in Tegut Group from Migros.

EDEKA, a company that owns and operates a chain of supermarkets that offers groceries and household products, agreed to acquire a majority stake in Tegut Group, a supermarket chain based in Fulda, Germany, from Migros, a retail company. Financial terms were not disclosed. “The decision to sell Tegut was extremely difficult for us. The tremendous commitment of our colleagues over the past challenging months deserves my highest respect. Nevertheless, the analysis clearly showed that, under the current market conditions, a full sale offers the best long-term prospects for all parties involved — especially for employees, but also for customers,” Patrik Pörtig, Migros Zurich Managing Director.