El Salvador Supermarket Giant Inks Takeover Deal for Grupo Éxito
Medellin-based supermarket/dry-goods giant Grupo Éxito announced October 16 that its France-based majority shareholder Grupo Casino has inked a deal whereby El Salvador-based supermarket chain Grupo Calleja (“Super Selectos”) would become Grupo Éxito’s new owner.
As part of the total US$1.17 billion deal, Grupo Calleja would acquire Casino’s current 34% stake in Grupo Éxito — conditional on approval of at least 51% of shareholders in Éxito.
Simultaneously, Grupo Pão de Açucar (GPA) — a Brazilian subsidiary of Casino — would sell its 13.3% stake in Grupo Éxito to Calleja, according to the announcement.
“The price offered in the takeover bid is US$1.175 billion for 100% of the capital shares with voting rights, equivalent to US$0.9053 per share, with which the Casino Group will receive US$400 million (corresponding to €380 million) for its direct participation, and GPA will receive US$156 million for its participation,” according to the announcement.
“The price offered per share will be reduced by any extraordinary distribution of dividends or any other distribution, payment, transfer of assets or similar transaction carried out by Grupo Éxito, except ordinary dividends . . .
“The launch of the [buyout offer] will be subject to the approval of the SFC [Colombia’s securities regulator] and the necessary procedures that must be completed for the U.S. Securities and Exchange Commission. The takeover bid is expected to close near the end of 2023,” according to the announcement.
