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Retail

Sweden's Mathem Completes Merger With Mat.se

Swedish online grocer Mathem has completed its planned merger with Mat.se, following approval from the Swedish Competition Authority.

The completion of the deal makes Axfood the second-largest owner of Mathem through the divestment of Mat.se in exchange for shares in Mathem.

The merger, announced in December of last year, was valued at approximately SEK 688 million (€63.8 million) on a cash and debt-free basis

The merger of Mathem and Mat.se will create synergies and economies of scale, providing improved opportunities to develop a strong offering in pure-play online retail with home delivery, Axfood noted.

'New, Exciting Phase'

President and CEO of Axfood, Klas Balkow, added, “Axfood is also entering a new, exciting phase as an owner of Mathem and with a long-term delivery and cooperation agreement between Dagab and Mathem.

“At the same time, we are continuing to develop and strengthen Willys’ and Hemköp’s omnichannel offering, where physical stores and e-commerce, with both home delivery and store pick-up, work in combination and can contribute to continued growth.”

Axfood added that it recognises its ownership share in Mathem as a financial instrument in its balance sheet.

The transaction results in a preliminary capital gain of approximately SEK 200 million (€18.5 million) for Axfood, which will be recognised as an item affecting comparability in the Dagab operating segment in the first quarter of 2022, the company said.

The Swedish retailer reported a 7.8% increase in net sales in what chief executive Klas Balkow has described as "probably the most eventful year in [its] history".

© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Dayeeta Das. Click subscribe to sign up to  ESM: European Supermarket Magazine.

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