ICA Gruppen is divesting Rimi Baltic, ICA Gruppen’s wholly-owned food retail operation in Estonia, Latvia and Lithuania valued at EUR 1.3 billion* (approx. SEK 14.4 billion) to Salling Group. The divested business includes debt of EUR 0.5 billion (approx. SEK 5.5 billion), mainly debt pursuant to IFRS 16 Leases. On completion, the transaction will result in a capital gain of approx. SEK 7 billion1) and a cash inflow of approx. SEK 9 billion1).
ICA Gruppen’s main market is Sweden, where in addition to its food retail operations, ICA Gruppen also conducts pharmacy, bank, insurance and real estate operations.
The transaction will release funds, that will enable continued investments in and allocations of resources to the Swedish business to strengthen and broaden the customer offerings in our core Swedish market.
With ICA Gruppen’s strong focus on the Swedish market and with no ambition to grow outside of Sweden, it was a natural decision to divest our Baltic operations.
“We are proud of Rimi Baltic’s strong performance and our shared history over 28 years, and we are now divesting a strong and healthy business. I am particularly proud of the Baltic organisation, which over the years has been able to adapt its business to a changing environment while always being able to emerge as a winner. It’s also good to know that Rimi Baltic will be able to continue its journey with a new owner that has the ambition to grow internationally. Accordingly, this transaction benefits ICA Gruppen as well as Rimi Baltic, its customers and its employees,” says Nina Jönsson, CEO of ICA Gruppen.
“I am excited to see RIMI’s future connected to Salling Group. As we have engaged in the preparations for the transaction, I feel we have truly shared strategic ambitions and vision for our business here in Baltics. Moreover, I have felt that we operate based on shared values and principles, which I am confident will create a strong basis for the joint work ahead,” says Giedrius Bandzevicius, Rimi Baltic CEO.
For the twelve-month period ending 31 December 2024, Rimi Baltic reported net sales of SEK 21,874 million and an operating profit excl. items affecting comparability and IFRS 16 Leasing of SEK 849 million. The Rimi Baltic operations include some 11,000 employees and the Group currently operates 314 stores across the three Baltic countries. The operations also include real estate owned by the Group in the Baltic countries.
ICA Gruppen will report Rimi Baltic under discontinued operations from 2 March 2025.
JP Morgan has acted as financial advisor and Gernandt & Danielsson has acted as legal advisors in this transaction.
*Exchange rate EUR/SEK: 11.10
Facts and milestones
Rimi Baltic is one the Baltic region’s largest retail companies through 314 wholly owned stores with the profiles Rimi Hyper, Rimi Super, Rimi Mini and Rimi Express and a number of approximately 11 000 employees. It also includes the properties that the Group owns in the three countries.
- 1997 First store is opened in Latvia
- 2005 Rimi Baltic officially begins operations as a 50/50 JV owned by ICA and Kesko
- 2007 Rimi Baltic becomes a wholly owned subsidiary to ICA. 215 stores across the three countries
- 2020 New office and warehouse in Riga
- 2024 Online share 3,5%
- 2024 Second best-ever operating result
- Average annual sales growth: +4,1% over the past 10 years
- Average annual EBIT growth: 5,9% over the past ten years
