Merger between Mat.se and Mathem completed – Axfood becomes new owner of Mathem

“The merger of Mat.se and Mathem will create the conditions for a more competitive customer offering in pure-play online retail with home delivery. Axfood is also entering a new, exciting phase as an owner of Mathem and with a long-term delivery and cooperation agreement between Dagab and Mathem. At the same time, we are continuing to develop and strengthen Willys’ and Hemköp’s omnichannel offering, where physical stores and e-commerce, with both home delivery and store pick-up, work in combination and can contribute to continued growth,” says Axfood’s President and CEO, Klas Balkow.

On 14 December, it was announced that Axfood, as part of a strategic partnership, had entered into an agreement to divest the operations of Mat.se to Mathem in exchange for newly issued shares in Mathem amounting to an ownership share of 16.5%. At the same time, Axfood’s subsidiary Dagab signed a seven-year delivery and cooperation agreement with Mathem concerning purchasing, assortment and logistics. The purchase consideration amounts to SEK 688 m on a cash and debt-free basis. The transaction was completed today when Mat.se was divested to Mathem and Axfood assumed ownership of the agreed shares in Mathem. Through this transaction, Axfood became the second largest owner of Mathem.

Axfood will recognise its ownership share in Mathem as a financial instrument in its balance sheet. The transaction results in a preliminary capital gain for Axfood of approximately SEK 200 m, which will be recognised as an item affecting comparability in the Dagab operating segment in the first quarter of 2022.

More information about the transaction is presented in Axfood’s press releases dated 14 December 2021 and 9 February 2022.



For further information, please contact:
Magnus Törnblom, Head of Press, Axfood, +46 70 266 27 12, magnus.tornblom@axfood.se
Alexander Bergendorf, Head of Investor Relations, Axfood, +46 73 049 18 44, alexander.bergendorf@axfood.se