Shufersal Group announced today (Thursday) that it has decided not to complete the deal with Amit Ze'ev, CEO and owner of SPAR Israel, to launch the activity by establishing a joint company.
Prime Minister Benjamin Netanyahu at the launch of the Carrefour network in Israel // Likud Spokesperson
The Company updates that against the background of the limitations set by the Competition Authority for the purpose of granting its approval for the engagement, and after further examination of the data received by the Company in the period following the signing of the agreement, it has decided not to continue working to fulfill the agreement, which will end on September 30, 9.
Under the original agreement, signed in March 2023, the joint company was supposed to be held 2023.19% by Shufersal and 9.80% by Amit Ze'ev, and receive the franchise to operate stores under the SPAR brand, and was also supposed to import and market SPAR's products in Israel exclusively.
Uri Veterman, CEO of Shufersal Group: "The deal to launch the SPAR network in Israel is intended to increase competition by importing discounted products for the benefit of the Israeli consumer. In accordance with changing market conditions and regulatory requirements, and in accordance with the estimates we made during the period, from the signing of the agreement until the receipt of the conditional approval from the Competition Authority recently, the company decided not to complete the transaction."
Amit Ze'ev, CEO and owner of SPAR Israel,
"Shufersal sees the private label as a strategic asset and a quality consumer alternative in response to the cost of living in Israel and will continue to expand the product basket in a variety of categories and support local industry and small and medium-sized suppliers."
SPAR Israel said: "We are continuing preparations as planned and with full vigor for the opening of the chain of stores in Israel nationwide. The first branch will open in Kfar Saba in early 2024. SPAR will bring with it a shopping experience, products, prices and service that the Israeli consumer has so far only known abroad."
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