French Casino to Sell Exito Stake to Calleja for 556 Million
The French casino group, Groupe Casino, has announced that it will be selling its stake in the Colombian retailer Exito to the Calleja Group for 556 million euros. This move is part of the company’s strategy to focus on its core business in France and Brazil.
Background of Groupe Casino
Groupe Casino is a French multinational corporation that operates in the retail and food industries. It is the second-largest retailer in France and the fifth-largest in the world. The company was founded in 1898 by Geoffroy Guichard and is headquartered in Saint-Étienne, France. It operates in France, Brazil, Colombia, Uruguay, and Vietnam.
Exito and the Calleja Group
Exito is a Colombian retail chain that was founded in 1999. It is the largest retailer in Colombia and the second-largest in Latin America. The company operates more than 400 stores in Colombia, Peru, and Chile.
The Calleja Group is a Colombian conglomerate that was founded in 1952. It is one of the largest companies in Colombia and operates in the retail, food, and financial services sectors.
Groupe Casino’s Sale of Exito Stake
Groupe Casino has announced that it will be selling its stake in Exito to the Calleja Group for 556 million euros. This move is part of the company’s strategy to focus on its core business in France and Brazil.
The sale of the stake is expected to be completed by the end of the year. Groupe Casino will retain a minority stake in Exito and will continue to provide support to the company.
Reasons for the Sale
Groupe Casino has stated that the sale of its stake in Exito is part of its strategy to focus on its core business in France and Brazil. The company has been looking to reduce its exposure to non-core markets and this move is part of that effort.
The sale of the stake is also expected to help Groupe Casino reduce its debt. The company has been looking to reduce its debt levels and this move is expected to help it achieve that goal.
Impact of the Sale
The sale of Groupe Casino’s stake in Exito is expected to have a positive impact on the company’s financials. The company is expected to generate a gain of around 200 million euros from the sale. This will help the company reduce its debt and focus on its core business.
The sale is also expected to have a positive impact on the Calleja Group. The company will gain a majority stake in Exito, which will help it expand its presence in the retail sector in Latin America.
Outlook
The sale of Groupe Casino’s stake in Exito is expected to be completed by the end of the year. The move is expected to have a positive impact on the company’s financials and help it reduce its debt. It is also expected to have a positive impact on the Calleja Group, which will gain a majority stake in Exito.