Albert Heijn Gain Further Control of Dutch Retail
Albert Heijn and Schuitema will pay Laurus a combined price of € 110 million in cash for the stores, which will be renovated and converted into Albert Heijn and C1000 stores after the transaction is finalized.
31/05/06 Ahold has announced that its operating company Albert Heijn has entered into an asset purchase agreement to acquire 23 Konmar stores from Laurus Nederland B.V., of which three franchise stores. Ahold's consolidated subsidiary Schuitema will acquire another six Konmar stores, including one franchise store.
Albert Heijn and Schuitema will pay Laurus a combined price of € 110 million in cash for the stores, which will be renovated and converted into Albert Heijn and C1000 stores after the transaction is finalized.
Albert Heijn and Schuitema will assume store-related inventory, certain receivables and existing lease agreements. The inventory and certain receivables are not included in the purchase price.
The sale is subject to certain conditions, including works council, landlord and Laurus shareholder approval. Konmar store employees involved will transfer to the new owners.The final transfer of the stores to Albert Heijn and Schuitema is subject to regulatory approval.
The transaction, expected to close in the fourth quarter of the year, is an opportunity for Albert Heijn and Schuitema to acquire large stores in prominent locations in the Netherlands. The acquistion is in line with the strategy of growing businesses in key markets through selective acquisitions.
