Casino completes sale of 31 stores to Apollo Fund

Paris (awp / afp) – The French Casino Group, engaged in a program to sell non-strategic assets, announced on Wednesday that it has finalized the sale of 12 Geant Casino and 19 Monoprix and Casino Supermarkets, valued at 465 million euros. million, to the Apollo Global Management fund.

Casino, which had unveiled the deal in April, has already received 327 million euros for the transfer of 30 assets, while another 14 million will be paid "within twelve months" to the actual transfer of the last store, said the group in a statement.

In addition, Casino has a stake in the company formed by Apollo, which will enable it to receive "in the coming years" up to 140 million euros additional depending on the performance achieved as a result of the transaction.

A 32nd store was initially included in the transaction, but it was finally excluded from the scope and will be sold by the end of 2019 to a third party, "under the same conditions," the company said.

Casino, anxious to continue its deleveraging efforts, has also announced in mid-September to be "in discussions" with the German Aldi to give him his Leader Price.

For its part, the group of poultry and prepared dishes LDC (brands Le Gaulois, Marie, Loue Farmers, Master Coq) announced on October 9 to have reached an agreement with Casino to buy a site specializing in processing, packaging and packaging. marketing of poultry products, based in Sarthe (western France).

The parent company of Casino, Rally, placed since May under safeguard procedure because of its great financial difficulties, for its part indicated in late September want to extend the six months observation period dedicated to the establishment of a plan backup.

afp / buc