Disposal of group Casino’s stake in Éxito Group

PARIS, FRANCE: Casino Group has agreed to sell its 34.05% stake in Almacenes Éxito S.A. (Éxito Group), a leading grocery retailer in Colombia, to Grupo Calleja, the owner of Super Selectos, the top food retailer in El Salvador.

The deal was approved by Casino’s Board of Directors on Friday, 13 October 2023 and signed in a pre-agreement with Grupo Calleja.

The Buyer will launch tender offers in Colombia and the United States to acquire all the outstanding shares of Éxito Group, including those held by Casino’s Brazilian subsidiary Grupo Pão de Açucar (“GPA”), which owns 13.31% of Éxito Group’s shares and also joined the Pre-Agreement. The Buyer needs to acquire at least 51% of the shares to complete the transaction (“TO”).

The offer price is US$ 1.175 billion for 100% of the shares, which equals 0.9053 USD per share. Casino Group will receive US$ 400 million (EUR 380 million as of today1) and GPA will receive US$ 156 million (EUR 148 million) for their stakes. The Buyer will pay in cash.

The price per share will be adjusted downwards if Éxito Group makes any extraordinary dividend or other payment, except for the regular dividends, between the date of the Pre-Agreement and the date that the TO documents are filed with the Financial Superintendency of Colombia (“SFC”).

The TO is subject to the approval of the SFC and the filings with the U.S. Securities and Exchange Commission. The TO is expected to close by the end of the year.

Grupo Calleja operates under its banner Super Selectos and is the leading food retailer in El Salvador. It has 110 stores and a market share of around 60%. Super Selectos employs more than 12 thousand people in its operations.

The group’s main focus is retail, but it also has investments in real estate, technology, energy, and other sectors. With over 70 years of experience, Grupo Calleja is committed to growing its business sustainably in the future.