Casino Agrees to Sell 26 Properties Worth EUR501 Million; Completes Asset-Disposal Plan
January 21 2019 - 2:38AM
Dow Jones News
By Cristina Roca
Casino Guichard-Perrachon SA (CO.FR) said Monday that it has
agreed to sell 26 hypermarkets and supermarkets worth 501 million
euros ($569.2 million) to Fortress Investment Group, and that it
has reached its asset-disposal target of EUR1.5 billion.
Under the agreement signed with Fortress, Casino will receive
about EUR392 million in the first half of the year, once the
transaction is completed, the French supermarket chain said.
Funds managed by Fortress will create a special holding to
acquire the properties, and Casino will receive an interest in the
entity, Casino said. Depending on the entity's performance, Casino
could receive up to an additional EUR150 million in the next few
years, the company said.
With this divestment, Casino's plan to dispose of nonstrategic
assets reached its EUR1.5 billion target, the company said. Casino
said it will now explore further measures to reduce its debt.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
January 21, 2019 02:23 ET (07:23 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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