SOURCE: Ahold NV

October 11, 2007 10:09 ET

Ahold Reaches Agreement on Sale of Tops

AMSTERDAM, NETHERLANDS--(Marketwire - October 11, 2007) - Ahold today announced it has reached an agreement on the sale of Tops Markets, LLC to Morgan Stanley Private Equity in a transaction valued at $310 million.

The final purchase price is subject to customary price adjustments. Closing of the transaction is expected in the fourth quarter of this year subject to the fulfillment of customary closing conditions, including receipt of regulatory approvals and a financing condition. Capitalized lease obligations will remain with Tops although Ahold will retain contingent liability for the majority of these lease obligations.

The divestment of Tops is part of Ahold's strategic review announced in November 2006.

Tops operates stores in western New York, mid-state New York including the Rochester area, and northwestern Pennsylvania under the banners of Tops Markets and Martin's Super Food Stores. Tops currently employs approximately 10,000 full- and part-time associates.

Forward-looking statements notice

Certain statements in this press release are "forward-looking statements" within the meaning of the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements as to the expected sale of Tops and the expected terms and timing of the sale. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from the information set forth in the forward-looking statements include, but are not limited to, the ability of Ahold or the purchaser to satisfy, or delays in satisfying, closing conditions to the sale, actions of third parties, and other factors, some of which are discussed in the public filings of Ahold. Many of these factors are beyond Ahold's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date of this press release. Ahold does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or circumstances, except as may be required under applicable securities laws. Outside The Netherlands, Koninklijke Ahold N.V., being its registered name, presents itself under the name of "Royal Ahold" or simply "Ahold."

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Contact Information

  • Ahold Press Office
    +31 (0)20 509 5343