Carrefour accelerates its expansion with the acquisition of 224 proximity stores in Taiwan
02 Juin 2020 - 7:30AM
Business Wire
Regulatory News:
Carrefour (Paris:CA) has entered into an agreement with Dairy
Farm to acquire Wellcome Taiwan, consolidating its position as the
leading multi-format food retailer in that market.
The transaction involves 224 proximity stores in quality
locations (199 Wellcome - average sales area of 420 sq. m - and 25
Jasons - average sales area of 820 sq. m) as well as a warehouse
(including ownership of the real estate and land). The
transaction’s enterprise value is 97 million euros1. Wellcome
Taiwan posted net sales of around 390 million euros in 2019.
By combining these businesses, customers and team members will
benefit from the group’s greater strength and scale. Thus, the
quality, prices, and service offered to Taiwanese consumers could
be improved.
This acquisition, carried out under attractive conditions,
allows Carrefour to accelerate its development in Taiwan in the
fast-growing proximity format. Carrefour will thus become the local
number 2 in this format.
Carrefour currently operates 137 stores in Taiwan, including 69
proximity stores under the Market banner. The Group posted net
sales in the country of 1,968 million euros, EBITDA of 209 million
euros and recurring operating income of 83 million euros in
2019.
Carrefour plans to convert the Wellcome stores to the Market
banner within 12 months after the closing of the transaction, and
then convert Jasons stores to a Carrefour premium banner. The
converted stores will benefit from Carrefour’s commercial policy
and purchasing conditions. The Group thus plans to improve
commercial density and optimize the cost structure.
In addition, Wellcome will bring its recognized expertise in
fresh produce and will contribute to the development of food
e-commerce, each store becoming a new pick-up point for e-commerce
orders.
The transaction is subject to customary conditions and is
expected to close by end-2020.
About Carrefour Group
With a multi-format network of more than 12,000 stores in more
than 30 countries, the Carrefour Group is one of the world's
leading food retailers. Carrefour recorded gross sales of €80.7
billion in 2019. It has more than 320,000 employees who help to
make Carrefour the world leader in the food transition for all,
providing everyone with access to high quality, affordable food
every day in all locations.
For more information, visit www.carrefour.com, or find us on
Twitter (@GroupeCarrefour) and LinkedIn (Carrefour).
_____________________________ 1 Including ownership of the
warehouse and of its land
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