French retail major Carrefour SA (EPA:CA) on Tuesday announced a EUR525m (USD671.5m) deal to sell the 60% stake it holds in its Indonesian unit to local partner CT Corp, as part of an ongoing strategy to focus on core operations.
This deal will see CT Group becoming the sole owner of Carrefour Indonesia and Carrefour’s exclusive franchisee in this market, the vendor said. The French group expects CT to successfully develop the Carrefour brand in Indonesia and to enhance its position in the country.
A partnership agreement sealed in April 2010, gave CT a 40% interest in Carrefour Indonesia. Carrefour set foot on this market in 1998 and now has 84 outlets in the country, generating net sales of EUR1bn last year, it said.
Subject to securing anti-trust approvals in Indonesia, the deal is expected to wrap up in January 2013.
Carrefour runs 9,900 stores in 30 countries, claiming the top position among the European retailers and the second place in the global sector.
French retail giant Carrefour SA (EPA:CA) announced on Friday it had agreed to sell its entire interest in its Greek joint venture to the Marinopoulos group, thus entrusting the management of operations to its JV partner.
With the reorganisation, the French company enables the joint entity to meet the challenges of the prevailing economic environment in Greece, it said. The venture, called Carrefour Marinopoulos, will also get the chance to bolster its business model and consolidate its leading position in the country, Marinopoulos Brothers SA president Leonidas Marinopoulos said.
As a result of the stake sale, Carrefour will incur a charge of around EUR220m (USD277.9m) under discontinued activities. Following the transfer of shares, the former JV will act as exclusive franchisee of the French retailer in Greece, Cyprus, Bulgaria as well as in Albania and some other Balkan countries.
The transaction is awaiting antitrust clearance and is scheduled for completion in the coming weeks.
Carrefour is a distribution group which operates via four grocery store formats, more specifically hypermarkets, supermarkets, cash and carry and convenience stores. At present, the group has more than 9,500 stores, according to its website.