Carrefour Group has confirmed the negotiation with Makro Atacadista SA and has signed an agreement to acquire 30 Cash & Carry stores in Brazil. The transaction, priced at BRL1.95 billion (approx. EUR420 million), involves 22 company-owned stores and 8 leased stores plus 14 service stations, located across 17 states in Brazil. The acquisition totals a selling area of 165,000 sq m with reported a total turnover of BRL2.8 billion in 2019.
The acquired stores will be rebannered to Atacadão within 12 months of the completion of transaction. Atacadão will gain a strong foothold in the densely populated state of Rio de Janeiro (7 stores) and the North-East region of Brazil (8 stores), offering a strong geographic complement to its existing store network.
Carrefour aims to increase the turnover by more than 60%, based on the Atacadão model and optimise the cost structure to gradually achieve a profitability closer to that of the existing Atacadão store network.
Source: Carrefour Group