Belgian international food retailer Delhaize said on Tuesday it was selling 155 of its stores in the United States as it seeks to consolidate its business.
The deal, worth $265 million (206 million euros) will see Delhaize divest 155 shops to Bi-Lo Holdings, which will also acquire the leases for 10 previously owned locations.
The 165 stores in question generated sales last year of approximately $1.8 billion, Delhaize said in a statement.
"We believe this transaction represents a significant move towards simplifying our business," said Delhaize's chief executive Pierre-Olivier Beckers.
"This transaction will further increase the financial flexibility required to execute our strategic priorities," he added.
The deal is subject to regulatory approval.
Delhaize, which has a presence in 10 countries worldwide and roughly 158,000 employees, posted sales of $29.0 billion in 2012, with a net profit of $134 million.