Swedish supermarket operator ICA has announced that it had sold its food retail operations in Norway to Coop Norway.
ICA will receive 2.8 billion Swedish kronor (€307m) for the sale.
The transaction will result in a capital gain of approximately SEK 1 bn to the company.
Completion of the deal is conditional on approval from the Norwegian competition authority Konkurransetilsynet.
During the twelve-month period to June 30, 2014, ICA Norway had net sales of SEK 15,890m and an operating profit excluding non-recurring items of SEK -577m.
The operations include 553 stores and over 3,600 employees.
Speaking on the deal, ICA’s chief executive Per Strömberg said: “During the last months we have analysed several options for ICA Gruppen’s Norwegian food retail business and we have concluded that a divestment is the best alternative."
He continued, "I am pleased that we can present a transaction which is to the benefit of ICA Gruppen, the Norwegian operations and the Norwegian consumers.”
© 2014 - European Supermarket Magazine
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