The European Commission has approved Norgesgruppen’s acquisition of 49% of Eurocash Food AB, clearing the way for Axfood to sell a minority stake in the cross-border shopping company to Norgesgruppen.
The European Commission has approved Norgesgruppen’s acquisition of 49% of Eurocash Food AB, clearing the way for Axfood to sell a minority stake in the cross-border shopping company to Norgesgruppen.
In connection with the acquisition of the cross-border shopping company Eurocash in January this year, Axfood agreed to sell 49% of the shares in Eurocash to Norgesgruppen. Norgesgruppen’s purchase was contingent upon approval of the sale by the European Commission. With the Commission’s approval, Axfood is now selling the minority stake to Norgesgruppen.
“It is gratifying that we can now finalize the deal and together with Norgesgruppen continue the development of cross-border shopping through Eurocash,” comments Klas Balkow, President and CEO of Axfood AB.
“To gain renewed confidence from our customers also in the future, we need to strengthen our knowledge about markets outside of our countries’ border, which this agreement contributes to,” explains Runar Hollevik, President and CEO of Norgesgruppen.
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Axfood aspires to be the leader in affordable, good and sustainable food. Our family of companies includes the store chains Willys and Hemköp as well as Tempo and Handlar’n. B2B sales are handled through Snabbgross, and our support company Dagab is responsible for the Group’s product development, purchasing and logistics. The Axfood family also includes Middagsfrid and Urban Deli as well as the partly owned companies Apohem, Eurocash and City Gross. Together the Group has more than 13,000 employees and sales of approximately SEK 80 billion. Axfood has been listed on Nasdaq Stockholm since 1997, and the principal owner is Axel Johnson AB. Read more at axfood.com.