Cleary Gottlieb is representing Carulla Vivero S.A., a leading Colombian supermarket company, and ACON Investments in the sale of Carulla Vivero to Almacenes Exito, S.A. The transaction values Carulla Vivero at approximately $715 million.
The transaction is the culmination of a two-track process led by Credit Suisse, involving both a competitive auction with several multinational bidders and the simultaneous preparation for an equity offering in Colombia and the U.S. Following a tender offer in Colombia, the delisting of Carulla Vivero from the Colombian Stock Exchange, and the purchase of certain holding companies, Almacenes Exito will acquire a 77.5% interest in Carulla Vivero. Certain shareholders in Colombia have agreed to remain as shareholders of Carulla. The transaction is subject to regulatory approval.
Carulla Vivero is Colombia’s leading food retailer in terms of number of stores, with 161 locations in the country, and the second largest in terms of market share, with 18.0% based on sales of $917 million in 2005. Almacenes Exito, whose principal shareholder is the French multinational Groupe Casino, is Colombia’s largest retailer by market share.