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PARIS (Reuters) - Debt-laden French retailer Casino has agreed to sell 567 Leader Price stores in France, plus three warehouses, to German discount rival Aldi in a deal with an enterprise.
The Casino group would now have more choices to sell Leader Price, which it became the owner in 1997. Since December 2019, other players have “shown interest” in the store base and “have had access to information from the disposal, ”says Business Insider. Aldi and Casino are still in negotiations. A decision could also fall within a few. French retailer Casino has announced that it has completed the sale of 545 Leader Price stores in France, two Casino supermarkets, and three warehouses to Aldi France for €717 million. Debt-laden French retailer Casino has agreed to sell 567 Leader Price stores in France, plus three warehouses, to German discount rival Aldi in a deal with an enterprise value of 735 million euros (670.6 million pounds), it said on Friday. The talks, which started after Aldi sent an expression of interest for Leader Price, are aimed at the submission of a binding offer, Casino said. No financial details were disclosed, but Les Echos.
The sale of 545 Leader Price stores, two Casino supermarkets and three warehouses by Casino to Aldi France was finalized for an enterprise value of € 717 million and proceeds from the sale of € 683 million, the group announced. of Stéphane origin this Monday evening.
Read also: Buy Leader Price, a survival imperative for Aldi in France
Of this amount, '
648 million euros [were] collected today,
' says Casino, which launched a vast plan of disposals of 4.5 billion euros to reduce its significant debt, which still reached 4.8 billion euros at the end of the first semester.
“
Up to 35 million euros in price supplement
” will be “
paid later on the basis of compliance with operational indicators during the transition period
”.
The agreement provides for the organization of a '
transition period during which day-to-day operations will continue to be managed by the Casino group until the gradual transition of stores under the Aldi brand throughout the year. 2021
”.
For its part, Aldi France explains that it is strengthening itself “
significantly
” on the French market with this acquisition.
'
The integration of these stores and warehouses allows the inventor of discount to develop its presence, in particular in Ile-de-France, in the South-East, on the Atlantic coast as well as in the big cities
', declares t it in another release.
The German group has been present in France since 1988 and claims to employ more than 10,000 people, in 862 stores currently.
To read also: The stores of La Halle interest Aldi, Lidl and Carrefour
Casino remains the owner of the Leader Price brand and will be able to operate it in France and internationally '
under certain conditions agreed with Aldi
'.
It will '
thus maintain a profitable activity as a wholesaler with 200 Leader Price Franchised stores, and external or internal customers (Franprix, Casino Géant or Casino supermarkets)
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'.
'
The Casino group will now be able to focus on its promising formats such as e-commerce, premium and proximity, and on new high-growth businesses around energy and data
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', estimates Jean-Charles Naouri , the CEO of Casino.