PARIS — Carrefour SA said it has sold its 60 percent stake in Carrefour Indonesia to its local partner, CT Corp, for 525 million euros, or $679 million at current exchange.
Carrefour, the world’s second-largest retailer after Wal-Mart Stores Inc., said the transaction was part of its continued strategy of refocusing on its core activities, which has seen it sell off a string of underperforming assets in recent months.
“Under the agreement signed today, CT Corp takes full control of these activities and becomes Carrefour’s exclusive franchisee in Indonesia. Carrefour expresses its full confidence in CT Corp’s ability to continue to successfully develop the brand and strengthen its position in the Indonesian market,” it stated.
Carrefour said it was the third-largest retailer in Indonesia with 84 outlets, including 70 hypermarkets, and net sales of 1 billion euros, or $1.4 billion at average exchange rates for the period, in 2011. The transaction is expected to close in January 2013, subject to approval by anti-trust authorities.