Carrefour has completed the acquisition of Supersol proximity stores and supermarkets in Spain for a final enterprise value of €78 million.
The deal includes 172 convenience stores and supermarkets located mainly in Andalusia and the Madrid region.
The acquisition consolidates Carrefour's second position in Spain by diversifying its store network and strengthening its presence in growth formats, in line with the Carrefour 2022 transformation plan, the retailer said.
The transaction is also part of the group's targeted and value-creating acquisition policy.
Store Conversion
The retailer plans to complete the conversion of the acquired stores to its Express, Market and Supeco banners by the end of this year.
Once converted, the stores will benefit from Carrefour's offer, commercial policy, and purchasing conditions, the retailer added.
For Carrefour Spain, the acquisition is expected to generate an additional EBITDA of around €50 million post IFRS-16 by 2023.
It will also contribute to the development of its food e-commerce business.
Around 90% of the acquired stores are located in large cities, such as Madrid, Malaga, Cadiz and Seville, and will ultimately become new order pick-up points.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
