Tegut To Acquire Organic Supermarket Chain Basic

Basic has over 19 outlets and employs approximately 500 people in its stores and headquarters in Munich.

Tegut says after the approval of the German competition regulatory agency and acceptance of the insolvency plan, both companies will gradually grow together and a ‘new and attractive’ shopping experience will emerge in the markets in the coming years.

The employees of organic supermarket chain were informed of the acquisition at a staff meeting by Tegut managing director, Thomas Gutberlet, and board member of basic, Christoph Eich, at its Munich headquarters.

The transaction is awaiting antitrust approval and implementation of an insolvency plan. Both companies have agreed not to disclose the purchase price.

Basic CEO Christoph Eich said, “This is good news for the company and for all friends and partners of basic. We are very pleased to now be a part of the Tegut family.

ESM