The acquisition has been approved by the Dutch Authority for Consumers and Markets (ACM).
Hema will focus on the implementation of growth and debt reduction strategies, along with investing in core markets in Belgium and the Netherlands.
The company will also undertake e-commerce and international expansion under the ownership of Ramphastos Investments.
Ramphastos Investments is a private equity firm based in the Netherlands, while Hema is a Dutch discount retail franchise previously owned by Lion Capital.
HBC has received $193.9m, which will be used to repay a part of its term loan.
Signa now owns 50.01% stake and HBC owns 49.99% interest in the joint venture.
Based in Germany, Signa Retail is one of the leading retail chains in Europe.
Karstadt Warenhaus is a departmental stores chain headquartered in Essen, Germany.
Based in Canada, Hudson’s Bay Company is a retail store operator in Canada, US, and Europe.
The merger between the two companies is expected to be completed in early-2019.
A subsidiary of Maxima Grupe, Stokrotka is a supermarket chain, while Sano is a retail chain. Both companies are based in Poland.
Wayland Group has agreed to acquire 50.1% of Tropicann Pty Ltd for collaborating with the Australian cannabis industry.
Wayland will pay an initial $3.6m and a further payment of $18m.
The payments will be based on certain milestones, such as the award of a license to Tropican for cultivating cannabis in Australia.
Wayland Group, a subsidiary of Maricann Group, is a cannabis cultivator, producer and marketer based in Canada.
Tropicann is a privately-owned company based in Darwin, Australia.
Based in the US, ZAGG produces customised coverings for electronics and hand-held devices marketed under the brand InvisibleShield.
STRAX AB is a Swedish telecom and lifestyle retail company.
Gear4 is a phone cover and protective case producer based in the UK.