Norway's competition regulator has fined retailer Norgesgruppen EUR25m (US$34.2m) over its acquisition of ICA Maxi premises.

The regulator, which approved the acquisition in 2012, said Norgesgruppen should have informed the Competition Authority that property firm Lagopus Eiendomsutvikling acquired the property portfolio in a sale-and-leaseback agreement entered into in 2012.

Responding to the fine, Norgesgruppen insisted it has "informed regularly about the transaction's progress from April 2012".

The company said it now has six months to consider whether or not to launch an appeal, which would have to go through the court system.