Carrefour Completes the Acquisition of 172 Proximity Stores and Supermarkets in Spain
March 15 2021 - 3:30AM
Business Wire
Regulatory News:
Carrefour (Paris:CA) announces the closing of the acquisition of
Supersol stores in Spain. The transaction involves 172 convenience
stores and supermarkets, located mainly in Andalusia and the Madrid
region, for a final enterprise value of 78 million euros1.
The acquisition consolidates Carrefour’s number two position in
Spain by diversifying its store network and strengthening its
presence in growth formats, in line with the Carrefour 2022
transformation plan.
This transaction is also part of the Group’s targeted and
value-creating acquisition policy.
Store conversions to the Carrefour banners (Express, Market and
Supeco) will be completed by end-2021. Once converted, the stores
will benefit from Carrefour's offer, commercial policy and
purchasing conditions. The Group plans to improve sales density and
optimize the cost structure. This acquisition should translate, for
Carrefour Spain, into additional EBITDA of c.50 million euros post
IFRS-16 by 2023.
This acquisition will also contribute to the development of food
e-commerce. Around 90% of the acquired stores are located in large
cities (Madrid, Malaga, Cadiz and Seville) and will ultimately
become new order pick-up points.
About Carrefour Group
With a multi-format network of some 13,000 stores in more than
30 countries, the Carrefour Group is one of the world's leading
food retailers. Carrefour recorded gross sales of €78.6 billion in
2020. It has more than 320,000 employees who help to make Carrefour
the world leader in the food transition for everyone, providing
everybody with access to high-quality, affordable food every day,
in all locations. At end-December 2020, Carrefour operated 1,250
stores in Spain, including 205 hypermarkets, 112 supermarkets, 906
convenience stores and 27 Supeco. The Group posted net sales of
€9,058 million in the country in 2020. For more information, visit
www.carrefour.com, or find us on Twitter (@GroupeCarrefour) and
LinkedIn (Carrefour).
_______________________________ 1 IFRS 16 capitalized leases are
estimated at 87 million euros
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