Following months of speculation, Ahold has sold its Spanish retail division to venture capitalist Permira Funds for EUR685 million (£472.3 million).

The 600-store arm trades as SuperSol, HiperSol, HiperD, Netto and CashDiplo, with sales of EUR2 billion (£1.38 billion).

The deal, Permira's first in Spain, is a big step in Ahold chief Anders Moberg's plan to raise EUR2.5 billion (£1.72 billion) in asset sales.

Ahold staggered investment markets last year with news of accounting irregularities at its US Foodservice division. New management is fighting to recharge the battered business.

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