Casino to sell properties worth $562.9 million
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.
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