Casino Guichard-Perrachon SA is getting a $556 million cash infusion after Grupo Calleja agreed to buy the troubled French retailer’s stake in Almacenes Exito.
Casino said Monday it will get $400 million for its direct equity interest, while its GPA unit will get $156 million. Casino shares rose as much as 1.4% before reversing gains, while GPA shares rose as much as 17%, the most in two years.
Exito investors will get 90.53 cents a share in the deal, which values the Colombian grocery store chain at $1.2 billion. The transaction is expected to close around year end.
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