Carrefour to buy 30 Makro stores in Brazil for $453.69 million

Carrefour SA's Brazilian arm said it agreed to acquire 30 stores and 14 gas stations from local rival Makro Atacadista S.A. for 453.69 million dollars in cash.

Carrefour Brasil plans to convert the stores into Atacadão SA-branded sites, expanding the brand's store count to a total of 187 locations while growing its presence in Rio de Janeiro and in Brazil's Northeast Region.

The stores involved in the transaction have a combined retail space of 165,000 square meters across 17 Brazilian states, with around 650 million dollars in gross sales in 2019. Following the transaction, Carrefour Brasil expects its sales to grow by more than 60 percent.The acquisition also includes the real estate assets of 22 of the stores. Carrefour Brasil said it will have to obtain approval from the landlords of the remaining eight rented stores.

The deal is also subject to other customary conditions, including clearance from Brazil's antitrust regulator, CADE.