In addition to the cash, Ahold said it will receive a Skr1.2 billion dividend from ICA for 2012.

Ahold's decision to sell the stake to ICA's 40% owner Hakon Invest AB of Solna, Sweden, comes five months after the seller embarked on a strategic review of its ICA holding as it concentrates on businesses it controls. Ahold briefly considered an initial public offering of ICA on the Nasdaq OMX exchange in Sweden.

ICA, Sweden's leading food retailer, has been split 60/40 between Ahold and Hakon Invest since 2004, when Norwegian buyout firm Canica A/S sold its 20% stake to Ahold following a disagreement on the value of the holding.

Besides its activities in Sweden, ICA operates ICA stores in Norway and Rimi stores throughout the Baltic region. It operates 2,215 retailer-owned and company-operated retail food stores and had Skr96.863 billion in 2012 sales. Ahold is due to report 2012 earnings on Feb. 28.

Ahold shares rose 4.3% Monday in Amsterdam to trade at €11.06, while Hakon Invest soared 16.4% in Stockholm to Skr156.60.

Once the deal is completed, Hakon Invest will change its name to ICA Gruppen, with Hakon Invest CEO Per Strömberg serving in that same capacity at the renamed company.

While Ahold has not disclosed how it plans to use the proceeds from the sale, analyst Richard Withagen, of SNS Securites NV, expects the company to return part of them to investors through an exceptional dividend or by buying back shares.

The analyst recommends holding Ahold shares with a price target of €10.

The deal is subject to regulatory approval, as well as approval by the ICA Forbundet retailers' association on financing matters, and is expected to be completed in mid-2013.

Hakon Invest describes itself as a development partner for retailers operating in the Nordic and Baltic regions. Its existing 40% of ICA is its main asset. It is financing the acquisition of Ahold's 60% ICA stake with existing cash and bridge financing provided by Svenska Handelsbanken AB and Nordea Bank AB. It will later sell about Skr5 billion of new shares in a rights issue, issue long-term debt and sell preference shares in an ICA vehicle to replace the bridge financing.

Hakon Invest said it won't pay an annual dividend in 2013, but will resume dividend payments in 2014.