French retail giant Carrefour Group has signed an agreement to acquire Atacadao, an operator of discount hypermarkets in Brazil, for about US$1.1 billion. Atacadao operates 34 stores across Brazil, of which 17 are located in Sao Paulo state. Atacadao’s property portfolio consists of 214,000 sq m, of which over 90% is freehold. The company reported net sales in 2006 of US$2.05 billion, representing a 4% market share.
The deal will make Carrefour’s Brazilian operation the number one food retailer in terms of sales. The acquisition forms part of Carrefour’s strategy to reinforce its presence in growth markets through a locally adapted multi-format store approach. Its operations in Brazil consist of 109 hypers, 34 Carrefour Bairro and 258 Dia hard discount stores.
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