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By Anthony Shevlin
Carrefour SA (CA.FR) said Sunday that it sold a controlling stake in its China operations to Chinese retail company Suning.com Co. (002024.SZ).
The French retailer said the sale of an 80% equity interest in Carrefour China implies an enterprise value for the entire business of 1.4 billion euros ($1.59 billion). Carrefour said the transaction will be paid in cash.
Carrefour will retain a 20% stake in the Chinese operations and two out of seven seats on its supervisory board.
The deal is set to close by the end of 2019 and is subject to approval by the Chinese competition authorities.
Carrefour said the deal signed with Suning.com allows it several liquidity windows to sell its remaining 20% stake.
Write to Anthony Shevlin at email@example.com; @anthony_shevlin
(END) Dow Jones Newswires
June 24, 2019 01:58 ET (05:58 GMT)
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