Carrefour has sealed a deal with Korean fashion retail group E-Land for the sale of its South Korean food retail chain, a Carrefour spokesperson confirmed to just-food today (28 April).
Carrefour Korea operates 32 hypermarkets and 24 shopping malls attached to these hypermarkets. Since Carrefour’s intention to exit the Korean market was announced earlier this month, the sale has attracted considerable interest from the likes of Samsung Tesco and Lotte Mart, who were widely believed to be the preferred bidders.
“We have reached an agreement with E-Land for our Korean operations valued at EUR1.5bn (US$1.88bn),” the spokesperson confirmed.
The sale is subject to approval from Korean competition authorities.
The divestment of Carrefour Korea is part of the world’s second largest retailers effort to withdraw from insufficiently profitable non-core activities.