French supermarket giant Carrefour has reached an agreement with El Corte Inglés to acquire 47 stores under the SuperCor banner in Spain.
The transaction includes supermarkets and convenience stores located in regions such as Madrid, Catalonia, Andalucia and Comunidad Valenciana. The value of the deal is €60m.
The group plans to convert the acquired stores to the Carrefour Market, Carrefour Express and Supeco banners.
Carrefour noted that the deal would consolidate its position in Spain by further diversifying its store network and geographical footprint. It already has nearly 1,500 stores in the country.
The transaction is expected to close before the end of the first quarter in 2024.
NAM Implications:
- Time for your Spanish colleagues to go for their fair share of sales and investment…
- …whilst coping with Carrefour increased buying muscle at local level.
