Ahold sells its Spanish operations

AMSTERDAM, Netherlands, Dec. 2 (UPI) -- Dutch retailer Ahold said Thursday it sold its Spanish supermarket business to a private equity group, the Financial Times reported.

The sale to Permira is thought to be worth about $1.21 billion and involve the sale of 600 stores in Spain and the Canary Islands. Ahold's Spanish operation employees about 14,000 people.

Permira is understood to have beaten competitors such as Apax, CVC and Vista Capital, a joint venture between Royal Bank of Scotland and Santander Central Hispano, the Spanish bank, the newspaper said.

Ahold is expected to use proceeds of the sale in recovering from last year's $1.3 billion accounting scandal.