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Hema takeover in sight: Jumbo family Van Eerd and Parcom conclude conditional deal with bondholders

Jumbo family Van Eerd and investment company Parcom have reached an agreement in principle about the takeover of Hema. The two together pay an amount between 434 and 466 million euros. They are given eight weeks in which they are the only ones allowed to negotiate the purchase.

At the same time, they can view Hema’s books and arrange financing. The agreement is still conditional, depending on the outcome of the due diligence, and, as with an average home buyer, subject to financing. Buyers and sellers expect the deal to close early next year.

Jumbo’s CEO, Frits van Eerd, has had true ties with Hema for some time. Van Eerd once said to the Volkskrant: “I have often thought: should I just buy all of Hema?” The Van Eerd family now trades through its own investment company, Mississippi.

Last summer, Hema came into the possession of a group of bondholders (creditors) who together were owed 600 million euros from Hema. They lowered their claim to 300 million. In exchange for that loss of 300 million euros, they acquired the shares. Now it appears that this action was worthwhile: the shares will yield around 440 million euros. The creditors were represented by the bank Moelis & Company, in particular by the Dutchman Peter Kerckhoffs.

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