Aryzta has reached an agreement with Lion Capital and Invest Group Zouari (IGZ) to sell its remaining 4.64% interest in Picard for c. €24 million.
The transaction is expected to close early in the first quarter of 2021.
Urs Jordi, chairman and interim CEO of Aryzta, welcomed the sale and said that the management of Arzyta is now "fully focused" on delivering a plan of action to improve the business performance.
The sale is part of the "planned disposal" of a number of its American businesses.
Aryzta had previously sold 43% of its stake in Picard in October 2019 for €156 million.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.