Carrefour SA is selling its Italian operations for an equity value of €1 ($1.2), offloading the troubled business as Chief Executive Officer Alexandre Bompard leans on asset disposals to bolster the French supermarket chain’s performance.
The unit, with an enterprise value of €1 billion, will be bought by Italian food company NewPrinces, with Carrefour making a one-time investment of about €240 million to support the business, according to a statement Thursday. NewPrinces will also plow in €200 million.