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Jumbo expands Gorillas partnership with financial stake

Dutch supermarket chain Jumbo is expanding its partnership with Gorillas, buying into the capital of the German flash delivery company.

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Final agreement on the acquisition of Hema


Jumbo). The separtlent store chain also announced its quarterly results.
 
400 million euro
The takeover of Hema is complete. The consortium of Parcom and Mississippi Ventures has arranged an acquisition financing of 400 million euro (including bank loans) and a new revolving credit facility of 80 million euro. This means that all bonds, worth some 300 million euro, will be redeemed and that all Hema shares will be held by the consortium, in a 50/50 partnership, upon completion of the deal. The deal will reduce the annual interest burden of the retail chain from more than 50 million euro before restructuring to less than 10 million.
 
"Today’s announcement is a major milestone for Hema, as the bank financing was a crucial condition for the successful conclusion of the agreement on the acquisition. When we finalize the transaction early 2021, we will not only have a healthy financial situation with a significantly decreased debt level and ample room to invest in our future development, but we will also have very supportive new long term owners providing Hema with a stable operating platform going forward.," said CEO Tjeerd Jegen in a press release.

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