PARIS, FRANCE: The French retail giant Casino Group has announced that it has acquired the 34% stake in Cnova, its e-commerce subsidiary, from its Brazilian partner GPA. The deal, worth €10 million, will increase Casino’s ownership of Cnova to 98.8%.
Cnova is one of the largest online retailers in Brazil and France, operating under the banners of Extra, Ponto Frio, Casas Bahia and Cdiscount. The company was created in 2014 as a joint venture between Casino and GPA, both controlled by the same holding company, CGP.
The transaction is expected to be completed by 30 November 2023, with 80% of the payment made upfront and the remaining 20% by 30 June 2024. The agreement also includes a clause that could entitle GPA to an additional payment, if Casino sells its stake in Cnova within the next 18 months for a higher valuation than the one resulting from the deal.
The deal was negotiated by a special committee of independent directors at GPA and approved by the board of CGP, based on two independent valuations. The deal is part of Casino’s financial restructuring plan, which aims to simplify its ownership structure and reduce its debt.
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