French grocer Carrefour has agreed to buy 172 stores in Spain, cementing its place as country’s second-biggest supermarket chain

French grocer Carrefour has agreed to buy 172 stores in Spain, cementing its place as country’s second-biggest supermarket chain

French grocer Carrefour has agreed to buy 172 convenience stores and hypermarkets in Madrid and southern Spain from Spanish chain SuperSol.Carrefour did not disclose a purchase price, but says the enterprise value of the stores “” based on their market capitalization, debt, and balance sheet “” is 78 million euros ($92.3 million).The deal, epxected to close in 2021, strengthens its position as Spain's second-biggest grocer.Visit Business Insider's homepage for more stories.

Carrefour will buy 172 stores in Spain, the French grocer announced on Thursday.

The convenience stores and supermarkets are all currently owned by Spanish chain SuperSol. Most of the stores are in Madrid and Andalusia, a region in southern Spain, and around 90% are in large cities.

The deals will strengthen Carrefour's position as the second-biggest grocer in Spain, it