CRRFY - Carrefour strengthens position in Brazil with the acquisition of Grupo BIG for R$7B

Grupo Carrefour Brasil ([[CRRFY]] +2.3%) enters agreement for the acquisition of Grupo BIG Brasil SA, Brazil’s third-biggest food retailer. This acquisition strengthens Carrefour Brazil’s presence in this high growth potential market.The transaction values Grupo BIG at an enterprise value of R$7B.The acquisition offers significant synergy potential from year one, rising gradually to represent a net additional contribution to EBITDA of R$1.7B on an annual basis three years after the closing of the transaction.Combined, the two groups have gross sales of about R$100B, operate 876 stores.Transaction expected to complete in 2022.

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Carrefour strengthens position in Brazil with the acquisition of Grupo BIG for R$7B