PARIS (Reuters) - Debt-burdened Casino said on Monday it had completed the sale of a first set of 61 stores in France to Groupement Les Mousquetaires and had extended its purchasing alliance with the French retailer to include private-label food products.
The sale of the 61 stores, including hypermarkets, supermarkets, Franprix grocery shops and convenience stores, represents revenue of 563 million euros ($594.75 million) excluding value-added tax (VAT), based on an enterprise value of 209 million euros, including service stations, the statement said.
In addition, under the agreements signed in May 2023, Casino granted a call option to Groupement Les Mousquetaires, exercisable within three years at the latest, for a second group of stores representing 510 million euros in sales excluding VAT.
Separately, in July Casino agreed a long-awaited debt restructuring deal with creditors led by Czech billionaire Daniel Kretinsky to avert bankruptcy.
France's sixth-largest retailer was brought to the verge of default after years of debt-fuelled deals and recent losses in market share to rival supermarket groups.
($1 = 0.9466 euros)