Dutch retail group Ahold has sold its 60 per cent stake in ICA, the Scandinavian joint venture, to co-owner Hakon Invest for €2.5 billion in cash.

The deal is conditional on approval from ICA’s franchisees association, but is expected to be completed by midyear.

In a conference call with analysts, Jeff Carr, said the transaction with the Swedish investment group would lead to a capital gain for Ahold of about €1.5 billion. Ahold said it would wait to release guidance on how it will use the cash until the deal is nearing closure.

The divestment comes 10 years since the beginning of the Ahold accounting scandal, which revolved around fraudulent bookkeeping and treatment of dividends from ICA and the group’s former subsidiary US Foodservice. – (Copyright The Financial Times Limited 2013)