The distribution group Casino announced this Thursday that it had signed with the manager Ardian “a unilateral commitment to buy” a majority stake in its subsidiary dedicated to the production of renewable energy GreenYellow, “for a business value of 1,400 million euros”.
Casino, which expects to see the operation completed by the end of 2022, has been immersed in an extensive disposal plan for several years to reduce the debt of its holding companies and confirmed the sale of GreenYellow in May.
It expects 600 million euros in proceeds from the sale, “including 30 million euros paid” during the closing “in an escrow account subject to the fulfillment of operational indicators.”
At the same time, Casino announced that it had widened its net loss to €259m in the first half from €208m a year earlier, despite rising turnover and slightly above expectations.
The group’s sales (excluding tax) amounted to €15.9bn during the period, compared to €14.48bn the previous year, thanks in particular to the return of tourists to the Paris region, where the group is strongly established.
Its net income has fallen due in particular to “restructuring costs” in Latin America and France to a lesser extent, the group said on Thursday.
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Source: BFM TV
