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Hakon Invest to buy out ICA

Feb. 11, 2013 at 2:27 PM   |   Comments

STOCKHOLM, Sweden, Feb. 11 (UPI) -- An investment firm in Sweden, Hakon Invest, said it would buy 60 percent of retail firm ICA from Dutch retailer Ahold for $3.1 billion.

The 60 percent represents the portion of ICA that Hakon Invest does not already own. Hakon Invest will take complete ownership of ICA while Ahold concentrates on the chains it owns outright, which include Giant and Stop & Shop in the United States, The New York Times reported Monday.

ICA runs 2,000 supermarkets in Sweden and Norway and the Baltic countries, which includes Lithuania, Latvia, Estonia and other countries across the Baltic Sea from Sweden.

The deal is expected to close by the end of June, the Times said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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