Germany's largest retailer Edeka in race to buy Dutch retail chain C1000 for €1-bn
11 Nov 2011
Edeka Group, Germany's largest retailer is in the race to buy the Netherlands' supermarket chain C1000 for an estimated €1 billion ($1.36 billion) , Reuters yesterday reported, citing a person familiar with the matter.
With over 400 stores and the second-largest supermarket chain in the Netherlands after Koninklijke Ahold NV, was last month put on the block by its owners private equity firm CVC Capital Partners.
London and Luxembourg headquarterd CVC Capital, with approximately $46 billion in funds, had acquired a 73.2-per cent stake in C1000, formerly known as Schuitema, from supermarket group Ahold, for around €950 million in 2008.
As part of the transaction, Ahold retained a 20-per cent indirect interest in the chain with no representation on the board.
Early this year, CVC Capital sold six logistics facilities of C1000 for €155 million ($209.3 million) to investment firm W P Carey in a sale and leaseback deal.
CVC Capital, which has hired Goldman Sachs to advice on the sale, expects around €900 million to €1 billion, sources told Reuters earlier this month.
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