French supermarket giant Carrefour has recently entered into exclusive negotiations with Groupe Intermarché for the potential acquisition of 31 of its stores, amounting to 94,000m² of food retail space in France.
Intermarché holds a prominent position among the largest supermarket chains in France and serves as the flagship brand for Les Mousquetaires Groupement, also known as the Musketeer Group.
The stores, responsible for generating approximately €400m ($434.11m) in sales during 2022, represent 0.3% of the total food retail space in the country.
Details of the acquisition agreement
Under the terms of the agreement, Carrefour is set to substitute Groupe Intermarché for the acquisition of 26 stores from Casino while the remaining five stores will be directly acquired from Groupe Intermarché.
Carrefour has committed to acquiring all business assets and ensuring job security for the employees in these stores along with maintaining their social benefits for a minimum period of 15 months.
Carrefour’s strategic move and benefits for acquired stores
The acquired stores will leverage Carrefour’s strengths, including a well-recognised range of Carrefour-branded products, operational excellence, and a robust e-commerce presence.
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Carrefour, with a successful track record over the past six years, aims to enhance the sales momentum and profitability of the acquired stores.
The transaction is pending approval from France’s antitrust authority, with the closing expected in the second quarter of 2024.
Carrefour Group’s global footprint
As a prominent player in the food retail sector, Carrefour Group boasts a multiformat network comprising over 14,000 stores in more than 40 countries.
The group, which reported sales of €90.8bn in 2022, employs more than 335,000 people worldwide.