SWEDEN: ICA Sells InkClub Unit

The ICA Group has agreed to sell its InkClub e-commerce subsidiary, ending a sale process begun earlier this year.

The group will sell InkClub to the latter’s founder, Lennart Nyberg, for SEK322m.  ICA also expects the transaction costs of the deal, which is expected to be completed in June, to result in a capital loss of SEK30m.

ICA has owned InkClub, one of Sweden’s oldest e-commerce companies, since 2007.  InkClub operates in 10 countries and generated sales of around SEK500m in 2015, on an operating profit of SEK17.5m.

The group noted: “Since the business has limited synergies with our core business, after conducting a review of our ownership we have decided to sell InkClub. Our plan for the portfolio companies and the streamlining of ICA Gruppen’s holdings has thereby been fully carried out.”