Auchan Retail to Acquire 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), has been 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.

This entry into exclusive negotiations follows a competitive bid process in which the quality of the joint proposal from Auchan Retail and Groupement Les Mousquetaires, which covered all the stores offered for sale by Casino, was retained. The proceeds of this joint bid would support Casino’s financial restructuring and maintain a maximum number of employees in the stores.

The proposed transaction remains subject to the signing of a binding agreement between the parties and clearance by the relevant competition authorities.