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Carrefour SA Sells 60% Stake in Carrefour Indonesia to Local Partner CT Corp

Tuesday, 20 Nov 2012 01:45am EST 

Carrefour SA announced the sale of its 60% stake in Carrefour Indonesia to its local partner, CT Corp, which thus becomes Carrefour's exclusive franchisee in the country. The transaction is valued at EUR 525 million. Present in Indonesia since 1998, Carrefour has 84 outlets (including 70 hypermarkets). Following the partnership agreement concluded in April 2010, Carrefour owned 60% of Carrefour Indonesia and CT Corp owned the remaining 40%. Under the agreement signed on November 20, 2012, CT Corp takes full control of these activities and becomes Carrefour's exclusive franchisee in Indonesia. The closing of the transaction will take place in January 2013, subject to the approval of the Indonesian anti-trust authorities. 

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-0.335 -1.46%
11:36am EDT