Press Releases

METRO GROUP: Canada’s Hudson’s Bay Company and METRO GROUP reach agreement over sale of GALERIA Kaufhof

06/15/2015

  • Creates a Global Platform, Positioning HBC for Future Growth in Europe
  • Transaction Value of €2.825 Billion Agreed, Including the Assumption of Certain Liabilities
  • HBC Plans to Work with GALERIA Kaufhof’s Existing Management Team to Further Strengthen Offerings to Consumers
  • Agreement Includes Extensive Commitments to Maintain Employment Levels and Store Count, GALERIA Kaufhof to Remain Headquartered in Cologne
  • Transaction Expected to Deliver Immediate Value to HBC Shareholders
  • METRO GROUP Expects Positive EBIT Effect of Around €0.7 Billion from the Transaction
  • Transaction Should be Completed by the End of the Third Quarter of 2015
  • Joint Press Conference on Monday in Cologne at 11:15 AM

Dusseldorf/Cologne/Toronto, June 15, 2015. Canada-based Hudson’s Bay Company, one of the foremost retail operators in North America and its longest continually operated company, and Düsseldorf-based METRO GROUP today announced that they have entered into a definitive agreement under which HBC will acquire Metro’s department store group GALERIA Kaufhof and its Belgian subsidiary Inno for a transaction value of €2.825 billion, including the assumption of certain liabilities. The transaction has been approved by the Board of Directors of HBC as well as the Supervisory Board of METRO AG. It is expected to close by the end of the third quarter of 2015.

Please find the complete press release enclosed.