Casino Sells Remaining 10.15% Stake in Energy Unit GreenYellow

By Reuters
Share this article
Casino Sells Remaining 10.15% Stake in Energy Unit GreenYellow

French food retailer Casino said it has sold 10.15% of its remaining stake in renewable energy unit GreenYellow for €46 million to investment fund Ardian and French state-backed investment bank Bpifrance.

In July 2022, Casino and partners agreed to sell a majority stake in GreenYellow to Ardian, based on an enterprise value of €1.4 billion.

At the time, Casino owned 76% of GreenYellow, which installs solar panels on supermarket roofs, produces low-cost electricity and helps lower companies' power consumption.

Sale Of Assets

Casino has sold a string of assets – including its supermarkets – to shore up its balance sheet.

The firm said in March it had completed its financial restructuring under a leadership team formed around Czech billionaire Daniel Kretinsky.


First Quarter Performance

In April, Casino said that its first-quarter sales remained negative but showed a slight improvement after its convenience brands reported virtually stable net sales.

On a same-store basis and excluding acquisitions, currency effects and revenue on fuel, sales fell by 3.8% compared with a 4.6% decline in the fourth quarter of 2023.

The French company, which reported first-quarter net sales of €2.1 billion, said it would lay off up to 3,267 employees in a bid to improve its financial situation as it aims to become France's leading convenience store retailer.

In a separate statement, Casino said it will implement a reverse share split of its share capital through the exchange of 100 existing shares for each new share.


The company's net debt at end of March 2024 was €1.6 billion, compared with €6.2 billion at the end of December 2023.

Additional reporting by ESM

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.