Carrefour sells 80% stake in China business to Suning.com

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.

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The group said: “The strong complementarity between Carrefour China and Suning.com’s activities will accelerate the development of Carrefour China.”

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