FOOD AND DRINK NEWS UK
Carrefour sells 80% stake in China business to Suning.com
25 June, 2019 | by Angela Beevers
Carrefour Group has agreed to sell an 80% stake in Carrefour China to Suning.com.
The transaction, which will be paid in cash, values Carrefour China at an enterprise value of €1.4 billion.
Carrefour China has 210 hypermarkets and 24 convenience stores in China. The business had net sales of €3.6 billion last year. Its EBITDA was €66 million.
Suning.com operates over 8,881 stores in more than 700 cities in China. It also sells via an online platform.
Carrefour Group will retain a 20% stake in the business and two seats out of seven on Carrefour China’s Supervisory Board following the sale.
The group said: “The strong complementarity between Carrefour China and Suning.com’s activities will accelerate the development of Carrefour China.”
