Carrefour and Dia have entered into an exclusive agreement on the acquisition of the latter’s operations in France, subject to the local competition authority’s approval.

• Carrefour offered EUR 600 million for the network generating EUR 2.2 billion sales. The final value of the transaction will be adjusted by Dia’s EUR 200 million debt.
• Dia groups 635 owned stores and 230 franchised stores spanning across 600 thousand square meters of selling area as well as 9 warehouses, all spread across France with higher concentrations in Paris, Lyon and Marseille.

If the transaction goes through as planned, Carrefour is expected to divest part of Dia’s underperforming stores. Nevertheless the deal will give a substantial boost to Carrefour in Paris, Lyon and Marseille and a well sought market share (approximately 1%) gain against its main competitor Leclerc.