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France's Carrefour sells 80% of its Chinese business to Suning.com

France's Carrefour sells 80% of its Chinese business to Suning.com
FILE PHOTO: A Carrefour logo is seen on a Carrefour Hypermarket store in Toulouse, France, March 20, 2019. REUTERS/Regis Duvignau/File Photo -
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Regis Duvignau(Reuters)
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PARIS (Reuters) – Carrefour, Europe’s largest retailer, said on Sunday it had agreed to sell 80% of its Chinese operations to Chinese group Suning.com in all-cash transaction.

The deal values Carrefour China at 1.4 billion euros (£1.25 billion), debt included, and is expected to close by the end of 2019, pending regulatory approvals, the French retailer said in a statement.

Carrefour China operates 210 hypermarkets and 24 convenience stores. It generated net sales of 3.6 billion euros and earnings before interest, tax, depreciation and amortisation (EBITDA) of 66 million euros in 2018.

(Reporting by Mathieu Rosemain, editing by Louise Heavens)

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