ICA Gruppen’s sale of its 50% holding in Kjell & Company to FSN Capital has been
completed in accordance with the agreement announced on 16 April 2014. The cash
consideration amounts to SEK 630 million. The divestment generates a capital
gain of approximately SEK 440 million, after deduction for costs, which will be
recognised in the second quarter of 2014.
Last year, ICA Gruppen performed an evaluation of the portfolio companies in
parallel with the formulation of a new non-food strategy for the Group. As a
result of this evaluation, it was decided to initiate a divestment process for
Kjell & Company. In the year-end report for 2013 the holding in Kjell & Company
was recognised among assets held for sale.
ICA Gruppen, formerly Hakon Invest, has been an owner of Kjell & Company since
2006, when 50% of the company was acquired from the founders. Since this
investment was made, Kjell & Company has grown from 15 stores with annual sales
of SEK 255 million to 75 stores with annual sales of SEK 931 million in 2013.
For more information
ICA Gruppen’s press service, telephone: +46 10 422 5252
ICA Gruppen discloses the information provided herein pursuant to the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
submitted for publication at 13.00 CET on Friday, 23 May 2014.
ICA Gruppen AB (publ) is one of the Nordic region’s leading retail companies,
with around 2,400 of its own and retailer-owned stores in Sweden, Norway,
Estonia, Latvia and Lithuania. The Group includes the retail companies ICA
Sweden, ICA Norway and Rimi Baltic, ICA Real Estate, which owns and manages
properties and ICA Bank, which offers financial services to Swedish customers.
The Group also includes the wholly owned portfolio companies Forma Publishing
Group and inkClub and partly owned portfolio companies Cervera and Hemtex. For
more information see www.icagruppen.se
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
2321 Rosecrans Avenue.
El Segundo, CA 90245 Phone: (800) 307-6627 Fax: (800) 307-3567
25 Basinghall Street,
London EC2V 5HA
UK Phone: +1 866-465-8454