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Casino Finalises Agreement To Sell 288 Stores Based On EV of ~€1.3bn

CONSUMER STAPLES


  • •Group Casino has finalised the previously announced agreement to sell 288 stores and service stations to Auchan Retail and Groupement Les Mousquetaires, based on an EV of €1.3-€1.35bn.
  • •Disposals are scheduled for the 2nd quarter of 2024, post-consultation with employee representative bodies (Auchan/ Les Mousquetaires committed to taking over all employees, reducing risk around the politically-sensitive transaction).
  • •Casino is still in the process of securing the relevant authorisations for a Křetínský-led takeover in a package that includes debt refinancing and a €1.2bn equity injection.
  • •Also noting a Les Echos sources piece yesterday that Les Mousquetaires is to sell about 30 stores it is buying from Casino to Carrefour.
  • •Store transfers will occur in three waves: 30 April, 31 May, and 1 July (subject to regulatory approval).
  • •Equity trading was suspended pending today’s statement.

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