– Our cooperation with Industrivärden has worked very well since 2013. Now they have chosen to sell part of their holding to us, and we have also agreed on a comprehensive solution that we are satisfied with. We consider this opportunity to acquire additional shares in ICA Gruppen as a long-term good investment. We believe in the company and as a long-term majority shareholder, our goal is that ICA Gruppen’s share will continue to be an attractive investment with a good direct return to all shareholders, says Fredrik Hägglund, CEO, ICA-handlarnas Förbund.
Industrivärden's shareholding is acquired at a value of SEK 316 per share, equivalent to a discount of 2.9 percent compared to the volume-weighted average price over the last ten trading days. The investment amounts to SEK 1.73 billion.
In addition, ICA-handlarnas Förbund has issued a put option to Industrivärden, which means that ICA-handlarnas Förbund undertakes to purchase, on 17 May 2019, Industrivärden's remaining shareholding in ICA Gruppen if Industrivärden utilizes the option to sell. The strike price for the put option is SEK 290.52 per share, before reduction for dividend distribution. For the issued option, ICA-handlarnas Förbund has received a compensation of SEK 106 million. In case Industrivärden chooses to exercise the option to sell, it implies an obligation on ICA-handlarnas Förbund to buy shares for up to SEK 4.4 billion.