Casino Group announced that it has entered into exclusive negotiations with Groupement Les Mousquetaires and Auchan Retail for the sale of its hypermarkets and supermarkets in France.
French retail group announced a proposed deal to sell 313 hypermarkets and supermarkets for a fixed enterprise value of €1.35 billion, excluding real estate.
According to the company’s statement, these stores collectively generated approximately €3.6 billion in total sales for 2022, excluding VAT and petrol.
Certain real estate assets could also be included in the scope of the transaction, added the company.
The proceeds will be used to support the planned financial restructuring, investment in the retained perimeter, and social support for the concerned employees.
This transaction is notably subject to the completion of the financial restructuring of Casino Group, it said.
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!
