Swedish Grocer ICA to Go Private at $12.5 Billion Valuation
- Majority owner seeks better way to compete with online retail
- Deal follows $9.5 billion buyout of British grocer Wm Morrison
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Sweden’s biggest grocery chain, ICA Gruppen, plans to go private at a 107.4 billion kronor ($12.5 billion) valuation, the latest in a wave of dealmaking to sweep through the European supermarket industry.
ICA’s majority owner, comprising an association of 1,500 retailers, is looking to acquire all the shares it doesn’t already own, according to a statement on Wednesday. The group sees leaving the stock market as key to modernizing the company amid increased competition from online grocers.