German retail and distribution giant Metro agreed to sell its Kaufhof department store chain to Canadian group Hudson's Bay for 2.825 billion euros. "Today, Metro signed an agreement with Hudson's Bay Company to sell Galeria Kaufhof, which includes the operational department store business both in Germany (Galeria Kaufhof) and Belgium (Galeria Inno) as well as the corresponding real estate portfolio," the German company said. With this transaction, Metro expects a positive cash inflow of around 1.6 billion euros and to significantly reduce its net debt by 2.7 billion euros.
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