Carrefour, the leading French supermarket chain, has announced it has entered into an agreement with Spanish peer El Corte Ingles to acquire 47 stores under the SuperCor banner.
The stores involved in the transaction are located mainly in the Madrid, Catalonia, Andalucia and Comunidad Valenciana regions, and have an enterprise value of €60 million ($62.1 million).
In a press release, the company said the acquisition would strengthen its geographical presence in Spain. It said it intended to convert the acquired stores to the Carrefour Market, Carrefour Express, and Supeco banners,
“The converted stores will notably benefit from Carrefour’s strong brand equity, commercial policy, products under Carrefour brand and purchasing conditions”, it added.
The transaction is subject to customary approvals and is expected to be completed by the first semester of 2024.