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Carrefour expands with the acquisition of 224 proximity stores in Taiwan

Jun. 02, 2020 6:53 AM ETCarrefour SA (CRRFY) Stock, DFIHY StockBy: Niloofer Shaikh, SA News Editor
  • Carrefour (OTCPK:CRRFY) inked an agreement with Dairy Farm (OTCPK:DFIHY) to acquire Wellcome Taiwan, involving 224 proximity stores in quality locations as well as a warehouse. The transaction’s enterprise value is €97M.
  • Wellcome Taiwan posted net sales of around €390M in 2019.
  • Carrefour plans to convert the Wellcome stores to the Market banner within 12 months after the closing of the transaction, and then convert Jasons stores to a Carrefour premium banner.
  • The transaction is expected to close by end of 2020.

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