Carrefour announced last night that it had reached an agreement with Spanish department store group El Corte Inglés to acquire 47 SuperCor supermarkets and convenience stores in Spain, based on an enterprise value of 60 million euros.

The French retailer explains that it plans to transform these stores, located notably in the Madrid, Catalonia, Andalusia and Valencia regions, into the Carrefour Market, Carrefour Express and Supeco banners.

Carrefour says it will thus be able to consolidate its position in Spain, its third-largest market after France and Brazil, by diversifying its store network and geographical presence in the country, in line with its strategy.

The transaction, which is subject to the usual conditions, is expected to be completed by the end of the first half of 2024.

Copyright (c) 2023 CercleFinance.com. All rights reserved.