ICA writes in a press release that they looked at various options to ensure long-term profitability in the Norwegian market. There were alternatives to continue operating at a greatly reduced form, or to sell the company.
– The sale of ICA Norway Coop Norway is the best possible solution for our business in Norway. It means that more stores and jobs will be preserved than if we continued on a much smaller scale than today, says Per Strömberg, CEO of ICA Group, in the press release.
Nationwide Coop and ICA Norway have respectively 22.7 percent and 11.1 percent market share.
The agreement must be approved by the Competition Authority. Authority must take its decision within 130 days after receiving the application.
If the Competition Authority approves Coop’s acquisition of ICA, there will be three major grocery players left in Norway: Coop, NorgesGruppen and Rema 1000.