Casino: finalises divestment of new assets to Fortress
(CercleFinance.com) - French supermarket group Casino announces that it has finalised the sale of 13 Géant Casino, 3 Hyper Casino and 10 Casino Supermarkets, worth a total of 501 million euros.
On this sale, Casino received 392 million euros. The group has therefore achieved its initial target for disposals of non-core assets totaling 1.5 billion euros, as set on 11 June 2018.
Casino also remains associated with the value creation of this transaction through an interest in the company formed by funds managed by Fortress. Under this, and depending on the company's performance, in the coming years Casino Group may receive up to another 150 million euros.
Management said that the Group will continue with its actions so as to reduce its debt and will continue the actions undertaken to significantly increase its profitability and strengthen its financial profile.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
On this sale, Casino received 392 million euros. The group has therefore achieved its initial target for disposals of non-core assets totaling 1.5 billion euros, as set on 11 June 2018.
Casino also remains associated with the value creation of this transaction through an interest in the company formed by funds managed by Fortress. Under this, and depending on the company's performance, in the coming years Casino Group may receive up to another 150 million euros.
Management said that the Group will continue with its actions so as to reduce its debt and will continue the actions undertaken to significantly increase its profitability and strengthen its financial profile.
Copyright (c) 2019 CercleFinance.com. All rights reserved.