Ahold has completed the sale of its US Foodservice arm despite delays in getting financing threatening to scupper the deal.
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The Dutch retail giant said late yesterday (3 July) that it had finalised the sale to two private equity groups, Clayton, Dubilier & Rice and KKR, for US$7.1bn.
Last week, Ahold’s US business postponed the financing that was due to support the sale. Investors in the debt had forced US Foodservice to change the terms of the financing because of the amount of debt being assumed by the company.
Nevertheless, the deal has gone through, a move described as a “milestone” for Ahold, according to acting president and CEO John Rishton.
“The sale of US Foodservice is a significant step in implementing the company’s strategy announced last November,” Rishton added.
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By GlobalDataLast year, Ahold, the world’s fourth-largest retailer by sales, said it would slash costs by EUR500m (US$681.2m) by 2009 and offload a range of assets in order to boost profits.
