Leader Price Casino Aldi
Casino Group completed the sale to ALDI France of 545 Leader Price stores, 2 Casino supermarkets and 3 warehouses
- Leader Price Casino Aldi Prices
- Leader Price Casino Aldi Corporate Headquarters
- Leader Price Casino Aldi Coupons
Paris, 30th November 2020,
Casino group has completed the sale to ALDI France of 545 Leader Price stores, 2 Casino supermarkets and 3 warehouses, for an enterprise value of 717 million euros (including an earn-out of up to €35 million).
French retailer Casino has announced that it has completed the sale of 545 Leader Price stores in France, two Casino supermarkets, and three warehouses to Aldi France for €717 million. French supermarket chain Casino wants to offload its discount chain Leader Price and is now supposedly close to a deal with Aldi. 750 million euros. According to Reuters, an agreement between Casino and Aldi is imminent: both parties supposedly more or less agree on a 750 million euro value for the discount chain, but the deal is not signed yet.
After taking into account €34 million of net liabilities transferred with the stores, disposal proceeds reach €683 million of which (i) €648 million received today, and (ii) up to €35 million earn-out which will be paid in the event of compliance with certain operational indicators during a transition period.
Furthermore, Casino group may sell additional Leader Price stores in the short term to ALDI, for an amount of up to €11 million.
The agreement includes a transition period, running throughout 2021, during which the Casino group will manage the day-to-day operations until the stores are progressively converted to the ALDI banner.
Casino group remains the owner of the Leader Price brand and will continue to operate it in France and internationally, under certain conditions agreed with ALDI. The Group will keep its profitable wholesale activity for 200 Leader Price franchise stores, and external or internal clients (Franprix, Casino Géant and Casino supermarkets).
This sale follows information and consultation with the employee representative bodies, and the approval of the French Competition Authority which was provided on November 17th, 2020. It brings the total amount of completed non-strategic assets disposals to €2.8 billion since July 2018.
Jean-Charles Naouri, Casino group’s Chairman and CEO, said: “I want to thank all of our employees in stores and warehouses for their work and commitment, and I wish them every success in their future activities within ALDI group. The sale of Leader Price to ALDI a major player in the discount retail segment, is fully in line with the Group’s transformation plan which was launched in 2018. Casino group will now fully focus on its most buoyant formats, e-commerce, premium and convenience, and on its new high-growth energy and data businesses.”
Disclaimer
This press release was prepared solely for information purposes, and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.
ANALYST AND INVESTOR CONTACTS
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or
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IR_Casino@groupe-casino.fr
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Attachment
The sale of 545 Leader Price stores, two Casino supermarkets and three warehouses by Casino to Aldi France was finalized for an enterprise value of € 717 million and proceeds from the sale of € 683 million, the group announced. of Stéphane origin this Monday evening.
Read also: Buy Leader Price, a survival imperative for Aldi in France
Of this amount, '
648 million euros [were] collected today,
' says Casino, which launched a vast plan of disposals of 4.5 billion euros to reduce its significant debt, which still reached 4.8 billion euros at the end of the first semester.
“
Up to 35 million euros in price supplement
Leader Price Casino Aldi Prices
” will be “
paid later on the basis of compliance with operational indicators during the transition period
”.
The agreement provides for the organization of a '
transition period during which day-to-day operations will continue to be managed by the Casino group until the gradual transition of stores under the Aldi brand throughout the year. 2021
”.
For its part, Aldi France explains that it is strengthening itself “
significantly
” on the French market with this acquisition.
'
The integration of these stores and warehouses allows the inventor of discount to develop its presence, in particular in Ile-de-France, in the South-East, on the Atlantic coast as well as in the big cities
', declares t it in another release.
The German group has been present in France since 1988 and claims to employ more than 10,000 people, in 862 stores currently.
To read also: The stores of La Halle interest Aldi, Lidl and Carrefour
Casino remains the owner of the Leader Price brand and will be able to operate it in France and internationally '
under certain conditions agreed with Aldi
'.
It will '
thus maintain a profitable activity as a wholesaler with 200 Leader Price Franchised stores, and external or internal customers (Franprix, Casino Géant or Casino supermarkets)
Leader Price Casino Aldi Corporate Headquarters
'.
'
The Casino group will now be able to focus on its promising formats such as e-commerce, premium and proximity, and on new high-growth businesses around energy and data
Leader Price Casino Aldi Coupons
', estimates Jean-Charles Naouri , the CEO of Casino.