Dutch retailer Ahold has said it has reached an agreement with its joint venture partner Canica over the purchase price of Canica’s 20% stake in Scandinavian joint venture ICA AB.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Ahold became obligated to buy Canica’s interest after Canica exercised its put option in July under the existing shareholders’ agreement for the joint venture.
The total purchase price to be paid by Ahold for the 20% stake amounts to SEK7.35bn (US$1.04bn). The purchase price was agreed between the two parties without having to resort to the independent valuation procedure provided for in the shareholders’ agreement.
ICA Förbundet Invest, the other joint venture partner in ICA AB, has agreed to purchase from Ahold half of the Canica stake for SEK2.89bn. After the deals have been completed Ahold will own 60% of ICA AB, while ICA Förbundet will own 40%.
“We are very pleased with today’s announcement. The agreement with Canica represents a significant step in Ahold’s ‘Road to Recovery’ and concludes another issue that caused uncertainty for stakeholders,” said Ahold president and CEO Anders Moberg.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“ICA is a strong and leading supermarket brand in Scandinavia. Today’s announcement also highlights the stable and healthy foundation and strengthened cooperation with which Ahold and ICA Förbundet will take the joint venture forward,” he added.
