| 2013 | 2014 | |
|---|---|---|
| Acquired operations | ||
| BeefEater barbercue operations, Australia | — | 68 |
| Acquired non-controlling interest | ||
| Olympic Group, Egypt | 3 | — |
| CTI Group, Chile | 2 | 1 |
| Acquired shares in associated company | ||
| 50% share in Gångaren 13 Holding AB, Sweden | 200 | — |
| Total cash paid for acquisitions | 205 | 69 |
In August 2014, the Group closed a deal acquiring the BeefEater barbeque business situated in Australia for an estimated purchase price of AUD 13m (SEK 85m). An amount of AUD 11m (SEK 68m) was paid at closing, while an additional consideration of up to AUD 2m will be paid in 2015 given certain performance criteria are achieved. The acquired business reported a net sales of AUD 12m (SEK 77m) in 2013.
In September 2014, the Group announced it has entered into an agreement to acquire the appliances business of General Electric in the US. The acquisition is expected to close during 2015. For further information on the acquisition, see page 87 in the Board of Directors report.
In the first quarter of 2013, the Group acquired and subsequently partly divested the real estate company owning the corporate head office in Sweden to the Swedish Pension Foundation for SEK 200m. The divestment was made at fair value. The remaining investment in the real estate company is SEK 200m representing a 50% ownership. The shareholding is classified as an associated company and subject to equity accounting.
Additional non-controlling interest was acquired in 2013 for an amount of SEK 3m in the Olympic Group in Egypt and for SEK 2m in the CTI Group in Chile.