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Report: Core Equity halts talks to buy Hema

Private equity firm Core Equity Holdings has terminated talks to buy Dutch retail chain HEMA BV for about €1 billion, Dutch newspaper De Telegraaf reported June 6, citing sources close to the negotiations.

According to the report, Core Equity, based in Brussels, aborted the deal due to the terms of Hema's agreement to share profits from online sales with franchise holders.

The agreement meant that Core Equity would be unable to execute its e-commerce strategy, the newspaper said.

A spokesman for Core Equity declined to comment to S&P Global Market Intelligence.

Hema's owner, London-based Lion Capital LLP, could not be reached.

In 2017, Hema operated 735 stores in the Netherlands, Belgium, Luxembourg, Germany, the U.K., Spain and France, according to its 2017 annual report. The general merchandise retailer reported 2017 adjusted EBITDA of €124 million on net sales of €1.24 billion.

According to the annual report, Lion Capital in September 2017 said it would explore its strategic options for Hema, including a possible sale.