Bronfman Inks Ikea Deal

A deal was closed late Wednesday night for Blue Square Co-Op Society to sell its 75 percent holdings in Ikea Israel to Jewish-Canadian businessman Matthew Bronfman for $33 million.

The deal was signed by Bronfman, the managing director of Inter-Ikea Systems, Hans Skalin, and the head of Co-Op's supervisory council, Lipa Meir.

The deal will be submitted for court approval in Israel in the next few days. Blue-Square was obligated to sell its holdings in Ikea Israel under a court order.

Bronfman already co-owns the Blue Square chain, which he bought from the Co-Op Society, and several weeks ago he signed an agreement to buy Discount Bank.