Dutch retailer Ahold said today it had agreed to sell its Bruno's and BI-LO retail chains in the United States to Lone Star Funds for $660 million.
Ahold's shares rose more than 3 per cent on the news, with traders citing relief that a deal had been completed, although the price was slightly below market expectations.
Ahold, the world's fourth-largest food retailer and food services group, is selling the assets to help raise at least €2.5 billion from disposals, as part of a recovery plan following an accounting scandal that broke in February 2003.
Ahold is keeping the Giant, Stop & Shop and Tops retail operations in the United States.