Casino Group announces the completion of Leader Price disposal
November 30 2020 - 11:47AM
Casino Group announces the completion of Leader Price disposal
Casino Group completed the sale to ALDI France
of 545 Leader Price stores, 2 Casino supermarkets and 3
warehouses
Paris, 30th November 2020,
Casino group has completed the sale to ALDI France of
545 Leader Price stores, 2 Casino supermarkets and 3 warehouses,
for an enterprise value of 717 million euros (including an earn-out
of up to €35 million).
After taking into account €34 million of net
liabilities transferred with the stores, disposal proceeds reach
€683 million of which (i) €648 million received today, and (ii) up
to €35 million earn-out which will be paid in the event of
compliance with certain operational indicators during a transition
period.
Furthermore, Casino group may sell additional
Leader Price stores in the short term to ALDI, for an amount of up
to €11 million.
The agreement includes a transition period,
running throughout 2021, during which the Casino group will manage
the day-to-day operations until the stores are progressively
converted to the ALDI banner.
Casino group remains the owner of the Leader
Price brand and will continue to operate it in France and
internationally, under certain conditions agreed with ALDI. The
Group will keep its profitable wholesale activity for 200 Leader
Price franchise stores, and external or internal clients (Franprix,
Casino Géant and Casino supermarkets).
This sale follows information and consultation
with the employee representative bodies, and the approval of the
French Competition Authority which was provided on November 17th,
2020. It brings the total amount of completed non-strategic assets
disposals to €2.8 billion since July 2018.
Jean-Charles Naouri, Casino group’s Chairman and
CEO, said: “I want to thank all of our employees in stores and
warehouses for their work and commitment, and I wish them every
success in their future activities within ALDI group. The sale of
Leader Price to ALDI a major player in the discount retail segment,
is fully in line with the Group’s transformation plan which was
launched in 2018. Casino group will now fully focus on its most
buoyant formats, e-commerce, premium and convenience, and on its
new high-growth energy and data businesses.”
Disclaimer
This press release was prepared solely for
information purposes, and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. It should not be
regarded by recipients as a substitute for the exercise of their
own judgement. All the opinions expressed herein are subject to
change without notice.
ANALYST AND INVESTOR
CONTACTSLionel BENCHIMOL – +33 (0)1 53 65 64
17 lbenchimol@groupe-casino.fror
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS
CONTACTSCasino Group – Direction of
CommunicationStéphanie ABADIE - sabadie@groupe-casino.fr -
+33 (0)6 26 27 37 05
or
+33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.fr
Agence IMAGE 7Karine
ALLOUIS - +33(0)1 53 70 74 84 -
kallouis@image7.frFranck PASQUIER – Tel : +33 (0)1 53 70 74 91
- fpasquier@image7.fr
- 2020.11.30 - PR - Casino Group announces the completion of
Leader Price disposal
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