Dutch Grocer Jumbo to Buy C1000 From CVC, Increasing Sales to $10 Billion
Jumbo Groep Holding BV, a closely held Dutch supermarket company, agreed to buy competitor C1000 De Aker BV from CVC Capital Partners for an undisclosed amount, adding 412 stores.
The combined companies would have annual revenue of 7.5 billion euros ($10 billion) and about a 23 percent market share, Veghel, Netherlands-based Jumbo said today in an e-mailed statement. The transaction will probably be completed in the first quarter of 2012, the company said.
The acquisition follows Jumbo’s purchase of Super de Boer NV for about 553 million euros in 2009.
“This will dramatically change the competitive landscape in the Netherlands,” Pascale Weber, a Brussels-based analyst for KBC Securities, wrote in an investor note. “Competition will heat up” because Royal Ahold NV’s Albert Heijn chain will have a bigger competitor, she said.
Ahold dropped 0.4 percent to 9.17 euros in Amsterdam trading as of 10:10 a.m. local time, valuing the company at 9.97 billion euros.
C1000’s sales amount to about 4 billion euros, said Ingo Heijnen, an outside spokesman for C1000. Dutch newspaper De Telegraaf reported earlier today Jumbo will pay about 900 million euros for the competitor.
To contact the reporters on this story: Martijn van der Starre in Amsterdam at email@example.com
To contact the editor responsible for this story: Angela Cullen at firstname.lastname@example.org