KESKO PRESS RELEASE 01.06.2017 AT 15.22 1(1)
Kesko Corporation has sold its K-maatalous business to Swedish Lantmännen ek för. The debt free price of the sale, structured as a share transaction, was €38.5 million.
Kesko's strategic objective is to achieve growth in the Finnish grocery trade, the building and technical trade and the car trade.
In 2016, the net sales of the K-maatalous business operations were €334 million and the operating profit was €5.3 million. The debt free price of the sale, structured as a share transaction, was €38.5 million and was paid in cash upon completion of the transaction. Kesko Corporation will record a profit of approximately €13 million on the disposal in the second quarter financial results for 2017. K-maatalous stores will continue operating under the retailer business model with Lantmännen.
On 11 April 2017, Kesko Corporation announced that it will sell its K-maatalous business in a stock exchange release. On 26 May 2017, the Finnish Competition and Consumer Authority (FCCA) announced that it will approve the disposal. The approval will not be subject to any conditions.
The disposal will not have an impact on Kesko Group's outlook.
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