By By Mauro Orru
Casino Guichard-Perrachon, the French supermarket owner, has entered into exclusive negotiations with Groupement Les Mousquetaires and Auchan Retail for the sale of the majority of its hypermarkets and supermarkets. The potential deal, which excludes real estate, is valued at 1.35 billion euros ($1.47 billion).
The talks focus on more than 300 stores, which generated sales of around EUR3.6 billion in 2022 (excluding value-added tax and petrol). However, hypermarkets and supermarkets in Corsica are not included in the negotiations.
At present, the transaction value does not include real estate; however, Casino has mentioned that certain real-estate assets could be included in the deal. The company intends to use the proceeds from the sale to support its financial restructuring plan.
Over the past few months, Casino has been grappling with mounting debt and declining market share in its domestic market. To ensure sufficient liquidity for its operations, the company engaged in discussions with creditors earlier this year.
In October, Casino reached a special agreement with a consortium led by Czech billionaire Daniel Kretinsky, banks, and other creditors. This agreement facilitated an equity injection and a debt reduction of EUR6.1 billion.
Trading of Casino shares will recommence on Tuesday.
Comments