"Metro" sold"Kaufhof" for EUR 2,8 billion

(Photo: metrogroup.de)

Metro will sell to Canadian company business of "Kaufhof" in Germany("Galeria Kaufhof") and Belgium ("Galeria Ino"), as well as real estate portfolio of department store, Franse presse reports.

Hudson Bay will pay to "Metro" EUR 1,6 billion in cash and the rest of the funds will be used to decrease debt of German company to EUR 2,7 billion. Transaction should end by the end of September, Metro communicates.