Dutch retail giant Ahold has said that a final agreement has been reached between its Scandinavian joint venture ICA AB and Statoil on the acquisition by Statoil of ICA’s 50% interest in service station operator Statoil Detaljhandel Skandinavia for an undisclosed price.

This agreement requires EU regulatory approval, which is expected to be forthcoming in late June/early July. Statoil will take over the shares as soon as the transaction has been approved.

In conjunction with Statoil’s acquisition of ICA’s stake, new supplier partnership agreements are being announced for Statoil’s retailing operations in Norway and Sweden.

“The transaction will help us to focus on our core business: food and meal solutions,” said Kenneth Bengtsson, president and CEO of ICA.

Statoil Detaljhandel Skandinavia was established in 1999 as a 50-50 joint venture between Statoil and ICA. The company operates almost 1,400 service stations in Scandinavia and has approximately 23% of the market.