French retail group Auchan has reached an agreement to buy IFIL Group’s share of the food operations of Italian retail group Rinascente.
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According to the agreement, IFIL will sell to Auchan its share of Rinascente’s Società Italiana Distribuzione Moderna, which includes Auchan hypermarkets and SMA supermarkets, for approx. €1.06bn (US$1.36bn). Auchan already has a stake in Rinascante.
The closing of the deal, which is subject to approval by the antitrust authorities, is expected to take place by the end of this year. The transaction foresees a payment of €810m at closing with payment of the balance by the middle of 2005, Auchan said.
“This transaction strengthens Auchan’s presence in Italy, where our first investment was made in 1989. Auchan has a real ambition to increase the performance and to grow in this important country of the European Union. We believe that both the hypermarket and supermarket operations in the food sector and the Italian shopping centres are part of our core business,” said Christophe Dubrulle, general manager of Auchan.
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