Carrefour has announced it is to sell its 60% stake in Carrefour Taiwan to its long-time partner and co-shareholder in the business, Uni-President.
The transaction values Carrefour Taiwan at an enterprise value of €2.0 billion, Carrefour said in a statement.
'Geographic Rebalancing'
The move forms part of Carrefour's 'geographic rebalancing', it said, and follows on from its acquisition of Grupo BIG in Brazil in June, which strengthens its focus on Europe and Latin America.
The group said it is expecting around R$2 billion worth of synergies from its takeover of Grupo BIG, with 10% of that amount generated in the first year.
Carrefour Taiwan was founded in 1987 as a joint venture between Carrefour and Uni-President, and currently boasts a network of 340 stores, including 68 hypermarkets and 272 supermarkets, as well as 129 shopping malls.
The business generated revenue of €2.5 billion in 2021, along with EBITDA of €243 million.
'Long History'
'Thanks to the long history in common with Uni-President, Carrefour is confident that Carrefour Taiwan will continue to develop its operations and services for the benefit of all its stakeholders,' Carrefour said in a statement.
'Carrefour Taiwan will continue to use the Carrefour brand in the years to come and will be part of the large network operating under the Carrefour banner in more than 40 countries.'
Completion of the business is subject to clearance by Taiwan competition authorities and is expected by mid-2023.
Read More: Carrefour Confident About 2022 Despite Mounting Challenges
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