Louis Delhaize to Sell Cora and Match Banners in France to Carrefour
July 13, 2023
Cleary Gottlieb represented the Louis Delhaize group in its project to sell the Cora and Match banners in France to Carrefour.
The Cora and Match banners operate 60 hypermarkets and 115 supermarkets respectively and employ c.24,000 people in France. They generated net sales of €5.2 billion in 2022.
The transaction, which is expected to close in the summer of 2024, values the acquired assets on the basis of an enterprise value of €1.05 billion.
In parallel, Carmila, in which Carrefour has a 36% stake, has reached an agreement with the Louis Delhaize group to acquire its 93% holding in Galimmo, which owns 52 shopping galleries adjacent to Cora stores.