The consortium Giant Bidco, led by the Icelandic Baugur Group, has completed acquisition of the Big Food Group, which includes wholesalers Booker and the supermarket chain Iceland.

“The new owners will conduct a strategic review of the business to determine its future shape and it is expected that this review will be completed within the next 6 to 12  months,” Baugur Group said.

Baugur plans to split BFG into its constituent business units, Booker, Iceland and a separate property company. “This is a complex process but it is expected that the separation should be complete within the next 6 months,” it said.

“We see great potential in running Iceland and Booker as separate businesses,” Jon Asgeir Johanesson, President and CEO of Baugur Group said. “We will simplify the structure, focus on the stores and on customer satisfaction.”

BFG has sales of £5.2 billion (US$9.8 billion) and 30,000 employees at 950 sites nationwide.