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Ahold to sell Tops chain for $310M


AMSTERDAM, The Netherlands Ahold yesterday announced that it is selling its Tops Markets chain to a private equity firm for $310 million. The company added that the divestment of Tops is part of its strategic review announced in November 2006.

Ahold said it sold the chain to Morgan Stanley Private Equity and that the transaction is expected to close in ther fourth quarter of this year. 

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.

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