Casino to Sell Assets to Colombia’s Exito for $1.9 Billion
Casino Guichard-Perrachon SA said it will sell Brazilian and Argentine assets to Colombian unit Exito to simplify its structure in Latin America and boost its growth prospects.
Casino has agreed to sell half its stake in Brazilian unit GPA and all of Argentina’s Libertad to Exito for 1.7 billion euros ($1.9 billion), the Saint-Etienne, France-based company said on Thursday in a statement. Casino will remain the controlling shareholder of Exito, in which it holds a 54.8 percent stake.
Casino reserved the possibility to acquire the shares of its Latin American subsidiaries in the market “over the next months” and said there will be no change in the management structure of GPA.
Bloomberg News, edited by ESM