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Carrefour to Buy Brazilian Retailer Grupo Big for $1.3 Billion

Published 03/24/2021, 02:25 PM
Updated 03/24/2021, 02:54 PM
© Bloomberg. Shopping carts outside a Carrefour SA hypermarket in Avignon, France, on Friday, Jan. 15, 2021. Alimentation Couche-Tard Inc. plans to pump 3 billion euros ($3.6 billion) into Carrefour as the Canadian convenience-store operator seeks to defuse mounting French political concerns over the proposed $20 billion takeover of the French retailer. Photographer: Jeremy Suyker/Bloomberg
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(Bloomberg) -- Carrefour SA (OTC:CRRFY) agreed to buy Brazilian retailer Grupo BIG Brasil SA from Advent International and Walmart (NYSE:WMT) Inc. for about 1.1 billion euros ($1.3 billion).

The French retailer is strengthening its leading position in Brazil by combining with Brazil’s third-biggest food retailer. The deal would add about 260 million euros to earnings annually within three years after the closing of the transaction, Carrefour (PA:CARR) said in a statement Wednesday.

The acquisition, which is expected to complete in 2022, will be realized 70% in cash and 30% through new Carrefour Brazil shares.

The combined revenue of Grupo Big and the French retailer’s 72%-owned Carrefour Brazil unit is about 100 billion reais ($18 billion).

©2021 Bloomberg L.P.

© Bloomberg. Shopping carts outside a Carrefour SA hypermarket in Avignon, France, on Friday, Jan. 15, 2021. Alimentation Couche-Tard Inc. plans to pump 3 billion euros ($3.6 billion) into Carrefour as the Canadian convenience-store operator seeks to defuse mounting French political concerns over the proposed $20 billion takeover of the French retailer. Photographer: Jeremy Suyker/Bloomberg

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