Groupe Casino has finalised the sale of its Vindémia business, which operates a number of stores on the islands of Reunion, Madagascar, Mauritius and Mayotte, for an enterprise value of €219 million.
The group said that proceeds from the sale amount to €207 million, based on an estimated net financial debt and working capital requirement at 30 June 2020, of which €186 million has been received.
The completion of the sale follows the granting of approval by the French Competition Authority.
Groupe Casino said that the sale means that the total amount of proceeds received from the sale of non-strategic assets to €2.0 billion since July 2018, out of a total signed to date of €2.8 billion.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.