Continuing its strategy of refocusing on its core activities, Carrefour Group announces today the sale of its 60% stake in Carrefour Indonesia to its local partner, CT Corp, which thus becomes Carrefour's exclusive franchisee in the country. The transaction is valued at €525 million.
Present in Indonesia since 1998, Carrefour is the third-largest retailer in the country with 84 outlets (including 70 hypermarkets) and net sales of €1 billion in 2011. Following the partnership agreement concluded in April 2010, Carrefour owned 60% of Carrefour Indonesia and CT Corp owned the remaining 40%.
Under the agreement signed today, CT Corp takes full control of these activities and becomes Carrefour’s exclusive franchisee in Indonesia. Carrefour expresses its full confidence in CT Corp’s ability to continue to successfully develop the brand and strengthen its position in the Indonesian market.
The closing of the transaction will take place in January 2013, subject to the approval of the Indonesian anti-trust authorities.
