Business

I made the sale! Casino intends to sell part of the company for around 500 million

The Brazilian cash and carry chain, Assaí, is close to having a part of its stake sold for approximately 500 million dollars. The slice under analysis for sale refers to the French group, Casino, which controls the company with 41%. The decision of the French was announced last Wednesday, 26.

The 41% French share is equivalent to R$9.4 billion. According to information from the financial system, the market value of Assaí is R$ 23 billion. The Casino has not yet decided on the sale.

To carry out the deal, the company hired the banks Itaú BBA, JP Morgan and BTG Pactual in order to analyze the terms of the transaction. The sale would be implemented through a secondary public offering. According to the data, the negotiation would be concluded at the end of November.

Sale of Assaí is important for the Casino’s finances

The French group’s decision to sell a slice of its stake is probably due to an increase in the risk of debt deterioration in the international market. If the transaction is confirmed, Assaí would adopt a corporation model and have shares dispersed on the stock exchange.

The sale process would be considered, if it actually takes place, the largest one-time sale of assets by the French in the country or between their controlled networks. For example, the value of this contract exceeds that of the sale of Via (owner of Casas Bahia), R$2.3 billion in 2019.

This move is not new to the group, for a few years the company has already been planning a plan to sell assets to reduce its debts. The focus of the French is to reduce up to 4.5 billion euros by the end of 2023.

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