Fortress Investment Group has entered an agreement to buy Casino Group’s 26 hypermarkets and supermarket properties worth €501m ($569.65m).
The divestment is part of the company’s target to raise €1.5bn ($1.7bn) through non-strategic asset sales to reduce its debts.
Fortress Group will pay €392m ($445m) upon completion of the transaction in the first half of 2019. The remaining €150m ($170m) will be linked to the company’s performance and will be paid in the coming years.
A new entity for purchasing and managing the portfolio will be established by funds managed by the Fortress Investment Group. The agreement also ensures Casino Group to obtain a stake in the entity.
Casino Group is a supermarket retailer of fashion lifestyle products based in France, while Fortress Investment Group is an American investment management firm.
The agreement will boost the presence and influence of Midcounties Co-operative around the Cotswolds.
The transaction is scheduled to be closed by mid-2019 and Warner will retain freehold ownership of the four properties.
Midcounties Co-operative runs supermarkets and convenience stores across the country, while Warner’s Budgens runs food stores in the Cotswolds, England.
Both companies involved in the transaction are based in the UK.
Groupement E Leclerc has agreed to buy six hypermarkets of Casino Group in France for €100.5m ($114.40m).
The six hypermarkets to be sold are located in Saint Gregoire, Dole, Castlenaudary, Anglet, and Castres.
Groupement E Leclerc will retain the employment contracts of all the six stores under the agreement.
The deal is scheduled for completion in the first half of 2019 and is expected to reduce the loss incurred by Casino Group from the six stores and boost the company’s business.
Groupement E Leclerc is a hypermarket chain and co-operative society, while Casino Group is a mass-retailer.
Both companies involved in the transaction are based in France.
Both based in China, Guolian Technology is a fresh fruit wholesale company, while Tiantu Capital is a venture capital firm.