COLOMBIA - Grupo Éxito will enter two new countries for the first time, thanks to the acquisition of 50% of the voting shares of GPA (Grupo Pão de Açúcar) in Brazil and 100% of “Libertad” in Argentina.
The Company, after consolidating revenues from Brazil and Argentina, will become the retail leader in South America, with sales of over USD 33 billion in 2014.
Grupo Pão de Açúcar has 2,143 stores in Brazil, the fifth largest country in the world, and first in South America. Its sales reached USD 27,8 billion in 2014. Libertad, on the other hand, has 27 stores in Argentina and is a leading food retailer in the region of Córdoba, with sales of USD 495 million.
The transaction valued at USD 1,826 million, will enable Grupo Éxito to consolidate as the operational platform of Casino Group in South America (Colombia, Brazil, Argentina and Uruguay) and will position Éxito as the leading South American retail group, and the biggest Colombian company by sales.
"As we set out in our strategic definition, we are now making real the idea of having a “multi-Latino” Grupo Éxito together with the management of Grupo Pao de Açúcar. We love the challenge of becoming the largest retail company in South America and will work to achieve the proposed results and continue our expansion. The customer will remain at the center of the Organization in each country in which we operate,” said Carlos Mario Giraldo Moreno, Grupo Éxito CEO.
The execution of the transactions is subject to the approval of Éxito’s shareholders at a general shareholders meeting which is convened for August 18, 2015. The acquisitions are expected to be completed by end of August 2015.
