EY, Deloitte advise on Eroski´s agreement with EPCG

EY Abogados and Deloitte Legal have advised on EP Corporate Group´s acquisition of a 50 per cent of Caprabo and Cecosa from Eroski

The Basque retail group Eroski has reached an agreement with the investment holding company EP Corporate Group to become an equal partner in the company Supratuc 2020, which encompasses the businesses in Catalonia and the Balearic Islands, under which it operates the Caprabo and Cecosa supermarkets. In this way, Eroski completes the partner search process that began at the end of 2019 with the aim of strengthening the group’s financial structure and reinforcing its positioning in both regions.

The transaction allows Eroski to improve its financial position and to fulfil the debt repayment commitment set for the end of this year, in an amount higher than the amount committed to the financial institutions, and will boost the relaunch of investments and activity in Catalonia with the Caprabo brand and in the Balearic Islands with the Eroski brand. The full effectiveness of the closing of the transaction is subject to certain conditions precedent, including certain regulatory and contractual authorisations.

EP Corporate Group is the Czech investment holding company of Daniel Křetínský and his management team, one of the country’s biggest fortunes, with annual revenues of more than €10 billion in energy, infrastructure and media. Daniel Křetínský together with his Slovakian partner Patrik Tkáč are one of the leading investors, among others, in the food retail sector in Europe, with stakes in Metro, Casino Guichard Perrachon and the UK’s Sainsbury’s.

For this deal Eroski was advised by Deloitte Legal and EY Abogados acted for EPCG.

EY Abogados´ team was led by partner Francisco Aldavero (pictured top left), along with senior manager Rosa Cañas, that advised on legal matters, and partner Elena Sánchez (pictured top right) and manager José Manuel Gutiérrez, that provided Tax advice.

Deloitte Legal advised Eroski with a Corporate and M&A team led by partners Sharon Izaguirre (pictured bottom left) and Ignacio Sanjurjo (pictured bottom right), with the assistance of principal associates Agustín del Río and Mario Gimaré.