By Kim Richters
Carrefour SA said Tuesday that it agreed to sell its 60% stake in Carrefour Taiwan to co-shareholder Uni-President Enterprises Corp., giving Carrefour Taiwan an enterprise value of around 2 billion euros ($2.03 billion).
Carrefour Taiwan was formed in 1987 as a joint venture between the two companies and Uni-President will become the sole owner of the company after the transaction, which is expected to close by mid-2023, said Carrefour.
In 2021, Carrefour Taiwan had net sales of EUR2.5 billion, earnings before interest, taxes, depreciation and amortization of EUR243 million, and recurring operating income of EUR78 million.
"After the completion of Grupo BIG acquisition in Brazil last June, this transaction will refocus Carrefour on its core strategic regions in Europe and in Latin America," said the French grocer.
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(END) Dow Jones Newswires
July 19, 2022 12:25 ET (16:25 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.