March 11, 2019
The Casino Group has completed the sale of 26 hypermarkets and supermarkets properties valued at €501 million to funds managed by Fortress Investment Group, of which €392 million has already been received
Following the agreements signed with funds managed by Fortress Investment Group in January 2019, the Casino Group announces that it has completed the sale of 13 Géant Casino, 3 Hyper Casino and 10 Supermarkets Casino properties, valued at €501 million.
In this context, Casino received €392 million, thus achieving the initial target of €1.5 billion in non-strategic asset disposals, set on 11 June 2018.
The Casino Group also remains associated to the value creation of this transaction through a stake in the company incorporated by funds managed by Fortress Investment Group. In this context and depending on the company's performance, the Casino Group could receive up to an additional €150 million in the next few years.
After the success of this first step, the Group will continue to explore measures to further reduce its debt.
It will also continue to improve the Group's profitability and strengthen its financial profile.
ANALYST AND INVESTOR CONTACTS:
Régine GAGGIOLI - email@example.com - +33 (0)1 53 65 64 17
+33 (0)1 53 65 24 17 - IR_Casino@groupe-casino.fr
Casino Group - Direction of Communication
Stéphanie ABADIE - firstname.lastname@example.org - +33 (0)6 26 27 37 05
+33(0)1 53 65 24 78 - email@example.com
Agence IMAGE 7
Karine ALLOUIS - firstname.lastname@example.org
Grégoire LUCAS - email@example.com
- 33(0)1 53 70 74 84 -
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Source: Groupe Casino via Globenewswire