Carrefour Completes Acquisition of Cora and Match Banners from Louis Delhaize Group

Carrefour Completes Acquisition of Cora and Match Banners from Louis Delhaize Group

(IN BRIEF) Carrefour has finalized the acquisition of the Cora and Match banners from the Louis Delhaize group for €1.05 billion, enhancing its foothold in the French food distribution market. The acquisition includes 60 Cora hypermarkets and 115 Match supermarkets, predominantly in regions where Carrefour previously had limited presence. Approved by the French Competition Authority, Carrefour plans to swiftly integrate the banners, rebranding Cora hypermarkets under the Carrefour name by late 2024 and introducing Carrefour products in all stores by September. The move is expected to generate €130 million in annual synergies by 2027, driven by enhanced operational performance and strategic investments, with integration costs estimated at €250 million primarily over the next two years.

(PRESS RELEASE) MASSY, 2-Jul-2024 — /EuropaWire/ — Carrefour announced the successful acquisition of the Cora and Match banners in France from the Louis Delhaize group, solidifying its position in the French food distribution market. The transaction, valued at €1.05 billion, includes 60 Cora hypermarkets and 115 Match supermarkets predominantly located in the Grand East and Northern regions, areas where Carrefour previously had limited presence. These stores collectively hold approximately 2.4% market share in the French food distribution sector.

The acquisition received approval from the French Competition Authority, with a decision pending on potential remedies by the end of the first quarter of 2025. Carrefour plans to integrate the newly acquired banners swiftly, aiming to rebrand Cora hypermarkets under the Carrefour banner by the end of 2024 and introduce Carrefour products in both Cora and Match stores starting September.

Alexandre Bompard, Chairman and CEO of Carrefour, commented on the acquisition: “This marks Carrefour’s largest operation in France in over two decades, enhancing our leadership in the domestic food distribution market. The addition of Cora and Match strengthens our portfolio with profitable assets that complement our existing strengths, including our private label products and expanding e-commerce capabilities. We extend our appreciation to the Bouriez family and Louis Delhaize group for their stewardship of these esteemed brands, and we welcome the expertise of the 22,000 employees joining us. This acquisition underscores Carrefour’s commitment to strategic growth and creating long-term value for our stakeholders.”

The integration is expected to yield synergies, increasing EBITDA contribution by €130 million annually by 2027 through enhanced commercial performance, cost optimization, and strategic investments. Integration costs are estimated at €250 million, reflecting operational and capital expenditures primarily incurred between 2024 and 2025.

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About the Carrefour Group

With a multi-format network of over 14,000 stores in more than 40 countries, the Carrefour Group is one of the world’s leading food retailers. Carrefour posted sales of €94.1 billion in 2023. Its integrated store network employs more than 300,000 people who help to make Carrefour the world leader in the food transition for all, by offering quality food every day, accessible everywhere and at a reasonable price. In total, more than 500,000 people work under Carrefour banners worldwide. For more information, visit www.carrefour.com, or find us on X (@news_carrefour) and LinkedIn (Carrefour).

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SOURCE: Carrefour