Ahold has reached an agreement with Jumbo regarding the transfer of 78 C1000 and 4 Jumbo stores. The majority of the stores are owned by entrepreneurs; four are company-owned stores. Out of the 82 stores, 57 are located in areas where Albert Heijn does not currently operate.
The four company-ownedstores will be converted to the Albert Heijn banner as soon as possible. The other stores will be converted to the Albert Heijn banner over a period of time, in close cooperation with the entrepreneurs.
Ahold will pay Jumbo € 290 million in cash for this transaction. Ahold will take over the real estate position of 78 of the 82 branch locations. In 2011, the 82 stores achieved consumer sales of approximately € 800 million. The transaction with Jumbo is subject to customary conditions, including approval by competition authorities.
This step fits within Ahold's strategy for sustainable, profitable growth. Expansion in existing and adjacent markets is in line with the company's strategy. In 2011 Ahold generated € 10,506m sales in the Netherlands. The transaction should therefore add 7-8% in sales. Unchanged Accumulate rating.