PARIS — French retailer Carrefour SA said Monday it has bought 53 Italian supermarkets under the Billa banner from the Rewe Group for an undisclosed sum.
With a combined sales area of more than 624,000 square feet, the stores located in three regions of northern Italy — Lombardy, Liguria and the Aosta Valley — generated net sales of around 300 million euros, or $398.4 million, in 2013. All dollar rates are calculated at average exchange for the period concerned.
“This acquisition, consistent with Carrefour’s multi-format strategy, will allow Carrefour to strengthen its presence in northern Italy,” said Carrefour, the world’s second-largest retailer behind Wal-Mart Stores Inc.
Carrefour had earlier reported the economic environment in Italy remained challenging in the first quarter, with like-for-like sales down 5.9 percent during the three-month period.
Completion of the deal is subject to the approval of the relevant antitrust authorities and consultations with Billa’s employee representative bodies, it said.