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".