DIA Group (DIA) announced today that it has reached a long-term agreement with its lenders and shareholders which guarantees access to €771m, this liquidity will be deployed over the next 4 years to ensure the business is right-sized and repositioned to be competitive over the long-term.

Today, DIA’s Board of Directors has unanimously expressed its favourable opinion regarding the tender offer presented by the main shareholder, LetterOne, with more than 29% of DIA’s capital.

The DIA Group and the majority of the trade union representatives, Fetico and UGT, have reached a staff restructuring agreement that will affect 1,604 employees out of a total of 26,709 across Spain, of which 40 are early retirements. Moreover, 356 people could be relocated to other work centres, mainly based on issues such as proximity and performance. 22% fewer people are to be affected compared to the 2,064 employees initially, and 40% fewer people if relocations are included.