Global retail giant Carrefour has entered into an agreement to acquire the Cora and Match banners in France from Louis Delhaize.
Cora and Match operate 60 hypermarkets and 115 supermarkets and have a workforce of around 24,000. Carrefour said the acquired stores would complement it geographically, especially in eastern and northern France, where it currently has limited presence.
The transaction includes acquiring real estate for 55 hypermarkets and 77 supermarkets.
Commenting on the acquisition, Carrefour chairman and chief executive officer Alexandre Bompard said: “With the acquisition of the Cora and Match banners, Carrefour is announcing its first major acquisition in France in more than twenty years and consolidates its leading position in food retail in its domestic market”.
“The Carrefour Group will be able to provide the acquired stores with a powerful commercial and operational model, very complementary to Cora and Match’s know-how, thanks to its own brand, digital acceleration and its purpose, the food transition for all”, he added.
The transaction gives the assets an enterprise value of €1.05 billion ($1.2 billion) and is expected to close in the summer 2024.