Ahold today announced it has successfully completed the sale of its Spanish retail activities to the Permira Funds. Ahold and Permira announced the transaction on October 3, 2004. The closing was subject to customary price adjustments and the fulfilment of certain conditions, including antitrust approval.
Permira is a leading European-based private equity firm which acts as adviser to the 18 Permira Funds, totaling approximately EUR 11 billion. The Permira Funds have invested in over 260 transactions in 15 countries, in companies across a variety of sectors and geographies.
Employing some 14,000 associates, Ahold operated almost 600 stores on the Spanish mainland and the Canary Islands with 2003 net sales of approximately EUR 2 billion. Ahold announced its intention to divest its Spanish retail operation on November 7, 2003, as part of its strategic plan to optimize its portfolio and to strengthen its financial position.