PARIS (Reuters) – Casino announced Monday that it has completed the sale of 32 stores worth 470 million euros to Apollo Global Management funds.
The agreement covers 12 Géant Casino and 20 Monoprix stores or Casino Supermarkets, mainly located in the province, the supermarket spokesman said in a statement.
“Nearly 80% of the value of the assets after deduction of the registration fees, ie 374 million euros, will be paid to the Casino group at the completion of the proposed transaction by the end of July 2019,” he added. he.
Casino will at the same time take a stake in a company formed by Apollo funds to acquire this portfolio of assets, “in order to value it and sell it on the market under the best conditions”.
Depending on the performance of this company, the group could cash up to 110 million additional euros in the coming years, says the release.
The agreement with Apollo, continues Casino, is part of new sales of non-strategic assets of one billion euros announced mid-March, which should bring to 2.5 billion the total value of assets sold for reduce the group’s debt and regain investor confidence.