Auchan Retail Acquires Casino’s Supermarkets and Hypermarkets for €1.35 Billion

Cleary Gottlieb represented Auchan Retail, which on December 18, 2023, in consortium with Groupement Les Mousquetaires, entered into exclusive negotiations with Casino Group Retail (Casino) for the acquisition of 313 Casino’s supermarkets and hypermarkets located in France, representing total sales for 2022 of c. €3.6 billion excluding VAT (and excluding fuel).

The proposed transaction, which values the stores at €1.35 billion (enterprise value), was approved by the consortium composed of EP Equity Investment III s.à.r.l, Fimalac, and Trinity Investment Designated Activity Company, pursuant to the lock up agreement entered into in connection with the restructuring of Casino on October 5, 2023. The transaction was subject to antitrust approvals. Auchan Retail was able to close the transaction on April 30, May 31, and July 1, 2024 after the French Competition Authority granted a derogation to the standstill obligation.

The French Competition Authority ultimately cleared the transaction on March 21, 2025 subject to remedies in relation to two stores. One of the remedies involves a commitment by Auchan to transfer part of the retail space of the target store, which it currently leases, to two other parties, via sublease, a commitment that the French Competition Authority has described as novel.