Casino Guichard Perrachon (EU:CO)
Graphique Historique de l'Action
6 Mois : De Avr 2019 à Oct 2019
By Maria Armental
French supermarket company Casino Guichard-Perrachon SA agreed to sell 12 Géant Casino hypermarkets and 20 Monoprix and Casino supermarkets properties for about €374 million ($421 million).
The deal for the 32 properties, which are largely located outside of Paris, is expected to close by the end of July and is part of the Casino Group's push to shed money-losing properties.
Casino Group initially targeted about €1 billion in sales and later raised that target to at least €2.5 billion by the first quarter of 2020.
On Monday, the company affirmed its target of 10% growth in trading profit, which excludes property development, for its retail business in France.
Under the terms of the latest deal, funds managed by Apollo Global Management LLC's affiliates would create a special-purpose vehicle to acquire the portfolio and later sell it.
The Casino Group could receive up to €110 million more based on the investment vehicle meeting certain performance targets.
Write to Maria Armental at email@example.com
(END) Dow Jones Newswires
April 22, 2019 17:56 ET (21:56 GMT)
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