Troubled Dutch retail giant Royal Ahold has announced that it has successfully completed the sale of its 99.6% interest in Chilean unit Santa Isabel to local retailer Cencosud.
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Ahold and Cencosud completed the transaction based on a total value, excluding any liabilities, of approximately US$150m for Ahold’s operations in Chile.
Ahold said that after adjustment the net proceeds of the transaction for Ahold amount to approximately $77m. Cencosud will also assume $17.5m of debt.
The transaction is limited to Ahold’s supermarket activities in Chile. Its activities in Peru and Paraguay, previously subsidiaries of Santa Isabel, remain with Ahold and will also be divested.
Cencosud’s subsidiary, Hipermercados Jumbo, is the third-largest food retailer in Chile.
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By GlobalDataSanta Isabel has been part of Ahold’s store portfolio since 1998. At year-end 2002, Santa Isabel operated 77 stores in Chile. Santa Isabel employs approximately 7,000 people in Chile.
The divestment of Santa Isabel in Chile is part of Ahold’s strategic plan to restructure its portfolio to focus on high-performing businesses and to concentrate on its mature and most stable markets.
