French retail giant Carrefour has sold its stores in Malaysia to Japan’s Aeon, for an enterprise value of 250 million euros. An enterprise value usually includes the value of the debt of the company being acquired minus cash in the business.
“The transaction is part of Carrefour’s strategy of refocusing on its core activities and allocating its resources to mature countries where it occupies strong and established positions and emerging markets where it has strong growth potential,” the French retailer said in a statement to The Sun Daily.
According to Carrefour, the sale will give Aeon a leading position in the Malaysian market.
Before the sale, Carrefour was the fourth largest retailer in Malaysia with 26 hypermarkets. Aeon is a major retailer in Japan, and they already have 29 stores in Malaysia.
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