Dutch retail giant Ahold has announced that it has successfully completed the sale of its Spanish retail activities to private equity group Permira Funds.
Ahold announced at the beginning of October that it had sold its Spanish unit to Permira for around €685m (US$914.4m). The closing was subject to price adjustments and the fulfilment of certain conditions, including antitrust approval.
The assets being sold include almost 600 stores on the Spanish mainland and the Canary Islands with 2003 net sales of approximately €2bn.
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Ahold announced its intention to divest its Spanish retail operations in November 2003, as part of its strategic plan to strengthen its financial position in the wake of an accounting scandal.
