Chilean retail giant Cencosud has agreed to buy the Colombian assets of French retailer Carrefour.
The EUR2bn (US$2.61bn) deal sent Carrefour’s shares soaring 6.63% to EUR18.49 in morning trading today (19 October). The deal marks the latest disposal by the French retail giant after it sold its stake in its Greek unit to joint venture partner Marinopoulos in June.
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The agreement with Cencosud, Carrefour said, is in line with its new strategy of focusing on geographies and countries in which it holds or aims to develop a leading position.
Having had a presence in Colombia since 1998, Carrefour operates 72 hypermarkets, 16 convenience stores and four cash and carry stores in the country, representing net sales, excluding petrol, of EUR1.5bn.
Carrefour said it has “great confidence” in Cencosud, a leading player in the South American retail market.
The transaction is expected to be effective by the end of the year.
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