Stockmann has completed the divestment of Delicatessen’s business in Finland
STOCKMANN plc, Inside Information 2.1.2018 at 8:30 EET
The sale of Stockmann Delicatessen’s business operations in Finland to the new owner, S Group’s regional cooperatives, has been completed on 31 December 2017. The Finnish Competition Authority approved the transaction on 15 December 2017. Due to the transfer of business, the Delicatessen stores in Finland are closed today, 2 January, and they will open again on 3 January.
The transaction included all Stockmann Delicatessen business operations and personnel in Finland. The Stockmann Delicatessen stores will continue as high-quality grocery in all Stockmann department stores. In Finland, the regional cooperatives started as Stockmann’s tenants and subtenants in its properties. In the Baltic countries, the Delicatessen business operations will remain with Stockmann.
The transaction price, EUR 27 million, was paid at the time of closing, and the transaction had a positive cash flow effect of around 20 million for Stockmann. Further information on the transaction is available in stock exchange releases published on 30 June and 15 December 2017.
Lauri Veijalainen, CEO, tel. +358 9 121 5062
Nora Malin, Director, Corporate Development, tel. +358 9 121 3558