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Carrefour To Sell 80% Stake In China Unit To China's Suning.com For EUR 620 Mln

French supermarket chain Carrefour SA (CRERF.PK,CRRFY.PK) agreed to sell an 80% equity stake in Carrefour China to Suning.com, the Fortune Global 500 retailer owned by Suning Holdings Group.

In a statement, Suning.com said the transaction is for 620 million euros or 4.8 billion Chinese yuan. Following the deal closure, Suning.com will become the controlling shareholder of Carrefour China.

Carrefour China operates a network of 210 hypermarkets and 24 convenience stores. It covers 51 large and medium-sized cities in China with 30 million registered customers. In 2018, the unit generated net sales of 3.6 billion euros and EBITDA of 66 million euros.

Suning.com expects the acquisition will accelerate its business expansion in all-categories merchandise retailing.

Tian Rui, Vice President of Suning.com said, "In the future, we expect to open up the access for Suning's various business models, such as household electronics selling, Redbaby, JIWU, Suning Financial Services, SuFresh and Suning Xiaodian's Immediate Delivery, to get into Carrefour China's stores located in the central business and living areas of Chinese 1st and 2nd tier cities. ….With 400 million registered customers of the Company's retailing segment, Suning.com's users-ecosystem will also be complemented with Carrefour China's membership system, fully improving the customer value."

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