Dutch retailer Jumbo has today (24 November) announced it will buy rival C1000, creating the country’s second-largest retailer after Ahold’s Albert Heijn chain.
CVC Capital Partners, the owner of C1000, has ended months of speculation and confirmed the deal will take place, subject to Dutch competition authority approval.
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Jumbo says the combined retailers will have 725 stores, a turnover of EUR7.5bn (US$10bn) and a market share of approximately 23%. Financial details were not disclosed but numerous analysts have estimated the deal is worth around EUR1bn.
Frits van Eerd, CEO of Jumbo, said he was “proud” of the acquisition, which is expected to be completed early next year.
He said: “This is a unique opportunity to turn our growth ambitions into reality. With this deal we take second position in the Dutch retail landscape. I’m impressed with what C1000 has achieved in recent years and we are confident that together we will be successful.”
Jumbo said the new business would utilise its “clout” to grow and to identify synergies and best practice. It also announced that the two entities will begin integration in the first quarter of 2012.
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By GlobalDataTom Heidman, CEO of C1000, said: “I could not think of a better scenario. I am convinced that staff at C1000 feel at home with this merger with Jumbo.”
