Groupe Casino has initiated the sale of a portion of its stake in Brazilian chain Assaí, selling 12.9% of Assaí's share capital (174 million shares) as part of its debt reduction plan.
The sale may potentially include an additional 5.9% of Assai's share capital (80 million common shares).
In a statement, Casino said 'The sale, which was approved by Casino’s Board of Directors, will take the form of a secondary public offering, the allocation of which is expected on 16th March 2023, with an expected settlement date of 21st March 2023, depending on market conditions.'
Read More: 5 Takeaways From Groupe Casino's Full-Year Results
Possible Deal
Last week, it was revealed that Casino had enlisted BTG Pactual, Bradesco BBI, Itaú BBA, and JPMorgan to evaluate the terms of a possible deal.
The move follows on from Casino selling 25% of its Assaí share for R$ 2.7 billion (€498 million), reducing its stake to 30.5%.
Casino plans to reduce its debt and raise about €4.5 billion by the end of 2023.
Last year, Assaí opened 60 new stores in the year, of which 47 were conversions and 13 new openings, taking its total to 263 stores in 23 states and the Federal District.
Plans for 2023 include the conclusion of the hypermarket conversion project and continued organic expansion, with around 40 stores in the pipeline.
Read More: Groupe Casino Considers Sale Of Additional Assaí Stake
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