Denmark's Salling Group has agreed to acquire Rimi Baltic from ICA Gruppen for €1.3 billion on a debt-free basis.
The divested business includes debt of €0.5 billion, mainly under IFRS 16 Leases, ICA Gruppen noted.
The completion of the transaction will result in a capital gain of approximately SEK 7 billion (€63 million) and a cash inflow of around SEK 9 billion (€810 million) for ICA Gruppen.
The deal, subject to regulatory approval, will see Salling Group gain control and full ownership of the grocery group Rimi, headquartered in Riga, Latvia.
Rimi Baltic operates a network of 314 stores in Estonia, Latvia and Lithuania.
The transaction includes all stores, an e-commerce platform, warehouses and distribution centres across the Baltics and more than 11,000 employees.
'Strong Market Position'
Salling Group CEO, Anders Hagh, stated, “Rimi is a well-run company [...] characterised by high store standards and a unique customer focus across Estonia, Latvia and Lithuania.
“We look forward to building on our strong market position as the second largest player in the Baltics and offering Baltic customers the best shopping experience when they shop at Rimi."
The agreement is the largest in Salling Group's history and is in line with the ambitions of the Aspire'28 business strategy, which was launched in the fall of 2024, the Danish retailer added.
The acquisition of Rimi will see Salling Group's total number of stores across Denmark, Germany, Poland, Estonia, Latvia and Lithuania reach close to 2,100, while the number of employees will exceed 68,000.
ICA Gruppen noted that it was a natural decision to divest its Baltic operations as the retail group aims to focus on the Swedish market and has no ambition to grow outside of the country.
Nina Jönsson, CEO of ICA, stated, “We are proud of Rimi Baltic’s strong performance and our shared history over 28 years, and we are now divesting a strong and healthy business. I am particularly proud of the Baltic organisation, which over the years has been able to adapt its business to a changing environment while always being able to emerge as a winner.
“It’s also good to know that Rimi Baltic will be able to continue its journey with a new owner that has the ambition to grow internationally. Accordingly, this transaction benefits ICA Gruppen as well as Rimi Baltic, its customers and its employees,” says Gruppen.
