French retail major Carrefour SA (EPA:CA) on Tuesday announced a EUR525m (USD671.5m) deal to sell the 60% stake it holds in its Indonesian unit to local partner CT Corp, as part of an ongoing strategy to focus on core operations.
This deal will see CT Group becoming the sole owner of Carrefour Indonesia and Carrefour’s exclusive franchisee in this market, the vendor said. The French group expects CT to successfully develop the Carrefour brand in Indonesia and to enhance its position in the country.
A partnership agreement sealed in April 2010, gave CT a 40% interest in Carrefour Indonesia. Carrefour set foot on this market in 1998 and now has 84 outlets in the country, generating net sales of EUR1bn last year, it said.
Subject to securing anti-trust approvals in Indonesia, the deal is expected to wrap up in January 2013.
Carrefour runs 9,900 stores in 30 countries, claiming the top position among the European retailers and the second place in the global sector.