Jerónimo Martins has completed the sale of its Monterroio manufacturing and services subsidiary, concluding a deal announced in July. The group transferred control of the unit to Sociedade Francisco Manuel dos Santos (SFMS).
Monterroio was Jerónimo Martins’ sub-holding for manufacturing and services businesses comprising its subsidiaries JMD – Distribuição de Produtos de Consumo, and Jerónimo Martins –Restauração e Serviços, as well as the stakes in Unilever Jerónimo Martins (45%), Gallo Worldwide (45%), Hussel Ibéria – Chocolates e Confeitaria (51%). and Perfumes e Cosméticos Puig Portugal – Distribuidora (27.545%).
Jerónimo picked up €310m from the deal, giving it an estimated book gain of €75m.