Carrefour Finalizes the Acquisition of Cora and Match in France

Carrefour has completed the acquisition of Cora and Match banners in France from the Louis Delhaize group. This move strengthens Carrefour's presence in the French food distribution market, particularly in the Grand East and Northern regions where Carrefour had limited exposure. The acquisition includes 60 Cora hypermarkets and 115 Match supermarkets, representing 2.4% of the French food distribution market share.

The enterprise value of the deal is €1.05 billion, paid fully in cash. Carrefour received a waiver from the French Competition Authority to finalize the transaction, although the Authority will make a final decision by Q1 2025. Carrefour aims to convert Cora hypermarkets under its banner by the end of 2024.

Synergies from the acquisition are now estimated to contribute an additional €130 million to EBITDA annually by 2027. These will come from improved store performance, the introduction of Carrefour branded products, and cost optimizations. Integration costs are projected at €250 million, distributed across 2024 and 2025.

Chairman and CEO Alexandre Bompard emphasized the strategic importance of this acquisition for Carrefour, highlighting the complementarities between Cora, Match, and Carrefour’s existing operations. The transaction marks Carrefour's largest operation in France in over two decades.