Indebted French supermarket chain Casino, on Monday, disclosed that it had reached an initial agreement to offload its ownership stake in the Latin American retailer Almacenes Exito to Grupo Calleja.
On Friday, Casino’s board granted approval for a preliminary agreement to divest its complete ownership interest in Almacenes Exito to Grupo Calleja, a prominent grocery retailer based in El Salvador, the company stated.
Casino is currently undergoing a restructuring process as a result of years of debt-fueled acquisitions that had pushed it to the brink of default.
On Monday, the company announced that it would receive $400 million from the sale of its Almacenes Exito stake at a price of $0.9053 per share. Additionally, its subsidiary, Grupo Pao de Acucar (GPA), with its own stake, is set to receive $156 million.
Casino stated that the purchaser will make the payment in cash.
In a statement, Casino noted that the per-share price could be subject to reduction due to extraordinary dividend distributions, asset transfers, or similar transactions conducted by Exito.