Carrefour to buy 30 stores in Brazil from rival Makro

FILE PHOTO: A Carrefour logo is seen on a Carrefour Hypermarket store in Antibes, France May 6, 2019. REUTERS/Eric Gaillard/File Photo

FILE PHOTO: A Carrefour logo is seen on a Carrefour Hypermarket store in Antibes, France May 6, 2019. REUTERS/Eric Gaillard/File Photo

SAO PAULO (Reuters) – The Brazilian unit of France’s Carrefour SA (CARR.PA) has agreed to buy 30 stores from rival retailer Makro’s Brazilian subsidiary for 1.95 billion reais ($453.69 million), the French retailer said in a securities filing on Sunday.

Makro will continue to operate in Brazil but with only 24 stores in the country’s richest state, Sao Paulo. Makro, whose Latin American stores are owned by Netherlands-based SHV Holdings, did not disclose a transaction price.

In a securities filing last week, Carrefour confirmed talks to acquire the stores but denied Brazilian media reports it would acquire all of Makro’s Brazilian operations..

Makro said the sale, which must still be approved by domestic antitrust watchdog CADE, is aimed at making its Brazilian business more profitable.

($1 = 4.2981 reais)

Reporting by Marcelo Rochabrun; editing by John Stonestreet and Sonya Hepinstall