Sklavenitis Cyprus has finalised its acquisition of Papantoniou Supermarkets, following approval from the Commission for the Protection of Competition.
The deal solidifies Sklavenitis’ position as a major supermarket chain on the island, marking a new chapter for both companies.
With the integration complete, Sklavenitis Cyprus will now operate a network of 27 stores, employing 2,350 people.
Moreover, this expansion will maintain all 769 positions at Papantoniou Supermarkets.
“The agreement with Papantoniou Supermarkets reflects the company’s confidence in the potential of the Cypriot economy and reinforces its commitment to contribute to the growth of the domestic market, by offering customers exceptional service and high-quality products at the best prices,” the company said in a statement.
The retailer’s expanded presence includes nine stores in Nicosia, eight in Limassol, seven in Paphos, two in Larnaca, and one in Paralimni.
According to sources close to the company, the integration of the Cypriot supermarket chain will entail a renovation of all Papantoniou locations.
Works are expected to begin shortly and are anticipated to be completed by the end of 2025.
“This effort,” it was reported, “aims to enhance the shopping experience by providing Cypriot consumers with a wide range of quality products at competitive prices”.
The company first entered the Cypriot market in 2017 as part of a rescue deal with Marinopoulos, a move that brought Sklavenitis into control of 18 stores in Cyprus.
Since then, Sklavenitis has steadily grown its presence, and this new acquisition of Papantoniou is a reflection of its desire to further expand its business on the island.
The same sources mentioned above have revealed that the integration of Papantoniou Supermarkets “will bring logistical improvements and broaden the product variety available in Cypriot stores”.
“The focus remains on offering enhanced value to customers while keeping service standards high,” they added.
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