Amsterdam, Netherlands, Ahold announced it has successfully completed the sale of Tops Markets, LLC to Morgan Stanley Private Equity.
This follows the agreement announced on Oct. 11, 2007 on a purchase price of $310 million. The final purchase price is subject to customary price adjustments.
Closing of the transaction was subject to the fulfillment of customary conditions, including antitrust clearance and a financing condition.
Capitalized lease obligations will remain with Tops, although Ahold will retain contingent liability for the majority of these lease obligations.
The divestment of Tops is part of Ahold's strategy resulting from its retail review announced in November 2006.