French retailer Casino Group has announced that it has signed an agreement with GBH to divest its Reunion Island-based subsidiary Vindémia for €219 million.
Vindémia, founded in 1972, operates hypermarkets, supermarkets, cash and carry, and proximity stores in Reunion Island, Madagascar, Mayotte, and Mauritius.
As part of the agreement, Vindémia's will continue to operate within GBH's retail division.
Approvals And Consultations
The completion of the divestment is subject to approval by the French competition authority and consultation with employee representative bodies.
GBH has committed to sell stores to a third party in anticipation of possible concerns from the competition authority, Casino said in its statement.
Founded in 1960, GBH is a family group that operates two main businesses – automotive distribution and retail.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.