Axfood AB (OM:AXFO) signed an agreement to acquire Eurocash Food AB from Conceptor Renewable Energy and Technology AS.
January 19, 2017
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Axfood AB (OM:AXFO) signed an agreement to acquire Eurocash Food AB from Conceptor Renewable Energy and Technology AS on January 19, 2017. In a related deal, NorgesGruppen ASA reached an agreement to acquire 49% stake in Eurocash Food AB from Axfood AB on January 19, 2017. Eurocash had sales of SEK 1.2 billion in 2016. After the acquisition, Eurocash will be consolidated in the Axfood Group and will be included under Willys in the segment reporting. The business will continue to operate under the Eurocash brand. The ownership change will not entail any personnel changes for Eurocash. The transaction is contingent upon antitrust clearance from the Swedish Competition Authority and is not contingent upon approval of the subsequent transfer to Norgesgruppen. The acquisition will have a positive impact on Axfood’s earnings per share. As on August 16, 2017, The European Commission approved the transaction. Morgan Hallén, Anders Strid and Frida Bäckegren of Advokatfirman Vinge KB acted as the legal advisors to Conceptor Renewable.
Axfood AB is a Sweden-based company engaged in the food retail and wholesale trade in Sweden. The Companyâs retail business is conducted through three wholly owned chains: Willys, specializing in discount food retail; Hemkop, which is engaged in the sales of food retail products, and PrisXtra, which is a grocery chain serving the Stockholm market. The Company owns and operates over 200 retail stores. The Companyâs wholesale business is conducted through Dagab, which supplies Axfood Group and the Vi chain, and Axfood Narlivs, a convenience store wholesaler. Axfood has a portfolio of private labels, including Hemkop, Garant, Garant Ekologiska varor, Aware, Saklart, Func and Fixa. Among others, the Company operates via Middagsfrid AB. The Company's major shareholder is Axel Johnson AB.
AXFOOD AB 
