(Bloomberg) -- Dutch retail giant Koninklijke Ahold Delhaize NV said it’s acquiring Romanian grocery retailer Profi Rom Food SRL, a move that will more than double the size of its business in the country.

Private equity group Mid Europa Partners LLP will sell the chain to the Zaandam, Netherlands-based grocer based on an enterprise value of approximately €1.3 billion ($1.4 billion). Ahold will fund the deal 100% with debt. Closing is expected in 2024.

Shares of Ahold Delhaize rose 0.9% at the open in Amsterdam.

Profi is operating 1,654 stores in the country and generated €2.5 billion in sales in the twelve months ending June 2023, according to the statement. Ahold already operates under the Mega Image brand in the country with 969 stores.

“The transaction will have no meaningful impact on ongoing capital allocation and capital return policies, nor limit balance sheet capacity to pursue further acquisition opportunities,” Ahold said.

©2023 Bloomberg L.P.