Carrefour has finalised a deal for Argentinian low-prices supermarket chain Eki.
The retail giant said on Thursday (14 June) the acquisition of the 129 Eki stores “reinforces its leading position in Argentina”.
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The purchase includes 110 convenience stores and 19 small supermarkets. The stores are mainly located within the capital city of Buenos Aires and the surrounding areas.
“With this acquisition, Carrefour strengthens its leading position in Argentina and expands its convenience store network,” the company said.
At the end of 2011, Carrefour had 253 stores in Argentina; 109 supermarkets, 74 hypermarkets and 70 convenience stores. The retailer’s sales were EUR3.01bn (US$3.8bn), up 20.7% on a constant-currency basis. On a like-for-like basis, its sales in Argentina increased 16.5%.
The takeover of Eki had been opposed by some of the Argentinian retailer’s creditors and suppliers, who initiated legal action to block the move. However, at the end of last month Argentina’s federal commercial court number 22 – lead by judge Margarita Braga – found in favour of Carrefour and ruled the takeover could go ahead.
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By GlobalDataThe transaction remains subject to approval by the anti-trust authorities.
