Ahold's $3.1 Billion Sale to Finalize End of March

Ahold's $3.1 Billion Sale to Finalize End of March

Amsterdam, The Netherlands-
By Eric Anderson

Ahold has announced that it has received formal confirmation from Hakon Invest that all conditions regarding the $3.1 billion dollar sale of Ahold’s share in ICA, Sweden’s largest retailer, to Hakon Invest have been met.

“We think it’s the right deal for our shareholders at this time,” Ahold Chief Financial Officer Jeff Carr said on a conference call on February 11th, according to Bloomberg. “ICA as a business is doing really well and that’s reflected in the price of this transaction.”

The company expects the transaction to be completed on March 27, 2013. The sale will put Ahold 60% stake in ICA in Hakon’s hands, meaning that it will own the entirety of the 2,215 store chain.

Hakon has said that it will finance the purchase with cash and bridge financing.