PARIS — Carrefour SA said on Monday it has completed the acquisition of discount retailer Dia France after receiving the green light from French antitrust authorities last month.
“This transaction is in line with Carrefour’s multi-format and multi-channel expansion strategy. It allows Carrefour to reinforce its presence across France to better serve its clients,” the retailer said.
In a separate statement, Carrefour said it had renamed the company Erteco France and appointed Gérard Lavinay as its chairman, effective immediately.
Carrefour was given the go-ahead to take over more than 800 stores, providing it sells off 56 points of sale. The deal, announced in June, has an enterprise value of 600 million euros, or $747 million at current exchange.
The acquisition brings the discount grocer’s French stores back into Carrefour’s portfolio; it had spun off the Dia France activity to Spanish firm Distribuidora Internacional de Alimentación SA just three years ago.