Sweden's Mathem Completes Merger With

By Dayeeta Das
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Sweden's Mathem Completes Merger With

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

The completion of the deal makes Axfood the second-largest owner of Mathem through the divestment of 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 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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