Carrefour buys 31 stores from Intermarché
Carrefour has officially entered into exclusive negotiations with Groupe Intermarché for the acquisition of 31 stores. This strategic move by Carrefour encompasses stores covering a total area of 94,000 square meters, constituting approximately 0.3% of the expansive food retail landscape in France. The stores in question boasted a commendable performance, generating around €400 million in sales throughout the year 2022. It’s worth noting that the financial impact of this acquisition is deemed non-material.
Under the terms of the agreement, Carrefour is set to substitute Intermarché in the acquisition process for 26 stores originally designated for purchase from Casino. Simultaneously, the remaining five stores will be directly acquired from Intermarché. Carrefour, as part of the acquisition, pledges to uphold the employment status and social benefits of all existing employees within these stores for a minimum period of 15 months.
The stores being acquired will gain access to the robust strengths of the Carrefour Group, including a well-established portfolio of Carrefour-branded products, a track record of operational excellence, and a significant presence in e-commerce, particularly in the domains of Click & Collect and home delivery. These assets have played a pivotal role in Carrefour’s remarkable sales growth and enhanced profitability in the French market over the past six years.
It’s important to note that the successful completion of this transaction is contingent upon meeting customary conditions precedent, with a key requirement being the approval of the French antitrust authority. The anticipated timeline for the closing of this deal is set for the second quarter of 2024. This strategic acquisition underscores Carrefour’s commitment to reinforcing its market position and enhancing its operational footprint in the dynamic landscape of food retail in France.