Deals
Iceland Foods CEO Buys Frozen Food Chain for $2.3 Billion
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Iceland Foods Ltd. Chief Executive Officer Malcolm Walker teamed up with investors including DFS Furniture founder Graham Kirkham to acquire the budget U.K. supermarket chain from its Icelandic owners for 1.45 billion pounds ($2.3 billion) after fending off rival bids.
The CEO, who started the chain in 1970, and the investors will buy the 77 percent stake held by Landsbanki Islands hf and Glitnir Bank hf, according to a statement today. Walker and senior managers will own 43 percent of the equity, and will take operational and board control. Kirkham, South African private-equity firm Brait SE and Dubai-based retailer Landmark Group Ltd. will hold the remaining 57 percent.