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Carrefour To Buy Wellcome Taiwan From Dairy Farm For EUR 97 Mln - Quick Facts

French grocery retailer Carrefour Group (CRERF, CRRFY,0NPH.L) Tuesday said it has agreed to acquire Wellcome Taiwan from Dairy Farm for 97 million euros in enterprise value.

The deal involves 224 proximity stores in quality locations as well as a warehouse, including ownership of the real estate and land. Wellcome Taiwan posted net sales of around 390 million euros in 2019.

The transaction is subject to customary conditions and is expected to close by end-2020.

With the acquisition, Carrefour would be able to accelerate its development in Taiwan in the fast-growing proximity format. Carrefour is expected to become the local number 2 in this format.

Carrefour currently operates 137 stores in Taiwan, including 69 proximity stores under the Market banner. The company posted net sales of 1.97 billion euros, EBITDA of 209 million euros and recurring operating income of 83 million euros in 2019.

Following the deal closure, Carrefour plans to convert the Wellcome stores to the Market banner within 12 months. The company will then convert Jasons stores to a Carrefour premium banner.

The converted stores will benefit from Carrefour's commercial policy and purchasing conditions.

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