(Reuters) -Carrefour has agreed to buy the Cora (LON:CORAC) and Match assets in France from Belgian retailer Louis Delhaize Group in the French supermarket chain's first major acquisition in its home market in over 20 years, it said on Wednesday.
The transaction gives the assets an enterprise value of 1.05 billion euros ($1.2 billion), and includes the purchase of the real estate of 55 hypermarkets and 77 supermarkets, the company said in a statement.
The deal is expected to close in the summer of 2024.
"The acquired stores present a very strong geographical complementarity with Carrefour (EPA:CARR), particularly strong market share in Eastern and Northern France, where Carrefour has little presence," the company said.
Carrefour estimates potential synergies of 110 million euros in core profit (EBITDA) on an annual basis three years after the completion of the transaction.
It forecasts "integration costs", including investments and operating expenses, at 200 million euros over a two-year period.
Cora and Match employ around 24,000 people in France, and operate 60 hypermarkets and 115 supermarkets respectively, having generated net sales of 5.2 billion euros ($5.79 billion)in 2022.
($1 = 0.8986 euros)