Carrefour announces that it has entered into exclusive negotiations with Groupe Intermarché to acquire 31 stores. These stores represent 94,000sqm, or 0.3% of the food retail space in France. They generated sales of around €400m million in 2022. The value of the acquisition is not material.
Under the terms of the agreement, Carrefour will substitute Intermarché for the purchase of 26 stores from Casino, while the remaining five stores will be acquired directly from Intermarché. Carrefour, which will acquire all the business assets, has committed to maintain all employees working in the stores and their social benefits for a minimum period of 15 months.
Range of Carrefour-branded products
The acquired stores will benefit from the strengths of the Carrefour Group, in particular a recognized range of Carrefour-branded products, proven operational excellence and a strong e-commerce presence, both in Click & Collect and home delivery. These assets have enabled Carrefour to significantly improve its sales momentum and the profitability of its activities in France over the past 6 years.
The transaction is subject to the usual conditions precedent, notably the authorization of the French antitrust authority. Closing is expected in the second quarter of 2024.