Sales negotiations see Jumbo takeover C1000
A deal has been agreed that will see Jumbo take a 100 per cent share in C1000.
Retail group Jumbo is to acquire 100 per cent of shares in rival C1000 from CVC Capital Partners.
Although financial terms have not been disclosed, the management of the latter firm fully endorses the takeover, which could point to effective sales negotiations.
The deal will make Jumbo the largest retailer in the Netherlands, with an annual turnover of €7.5 billion (£6.5 billion) and 725 stores.
Frits van Eerd, chief executive officer (CEO) of Jumbo, noted it was a "unique opportunity" and so one they could not turn down.
"I am impressed with what C1000 has achieved in recent years. We are confident that together we will be successful," he added.
Tom Heidman, CEO of C1000 - which prides itself on laying out stock in as efficient a manner as possible - stated he could not have imagined a better scenario.
He added he is sure the entrepreneurs associated with his company will be comfortable working under Jumbo.
Posted by Edel Quinn
Source: C1000 press release, November 24th