November 29, 2016 / 3:51 PM / 3 months ago

Retailer Casino to sell Leader Price assets in France to Aldi

PARIS, March 20 (Reuters) - French supermarket retailer Casino said on Friday it had agreed to sell 567 Leader Price stores, and three warehouses, to German discount rival Aldi in a deal worth 735 million euros ($792 million) on an enterprise value basis.

The Leader Price sale marks the latest in a series of disposals carried out by Casino, part of its plans to cut debt and improve its financial position.

Casino has often struggled within the competitive domestic French market, where a price war among supermarkets has dented retailers’ profit margins.

$1 = 0.9282 euros Reporting by Sudip Kar-Gupta; Editing by Tom Hogue

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