Casino to Sell 32 Store Properties for EUR470 Million
April 23 2019 - 12:46AM
Dow Jones News
By Anthony Shevlin
Casino Guichard-Perrachon S.A. (CO.FR) said Monday that it has
agreed to sell 32 store properties to funds managed by affiliates
of Apollo Global Management LLC (APO).
The French retailer said the portfolio sale is worth 470 million
euros ($528.7 million), of which EUR374 million will be received by
the end of July.
The Apollo funds will create a special entity to acquire the
portfolio in order to enhance its value and sell it on the market
"under the best possible conditions," said Casino.
The retailer said it will get an interest in the new entity and,
depending on its performance, Casino could net up to an additional
EUR110 million in the next few years.
The deal is part of Casino's additional EUR1 billion of noncore
asset disposals--to be completed by the first quarter of 2020--and
more generally as part of the financial perspectives laid out by
the company last month.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
April 23, 2019 01:31 ET (05:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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