French grocer Casino Guichard-Perrachon SA is close to selling its discount chain Leader Price to its German rival ALDI Einkauf GmbH & Co. oHG in a deal worth €750 million, Reuters reported Jan. 11, citing a source with knowledge of the matter.
Casino declined to comment, while privately held Aldi did not immediately respond to a request for comment, Reuters said.
The report comes nearly four months after Casino confirmed that it commenced talks with Aldi's French unit for the sale of Leader Price. Casino did not disclose the amount involved at the time. Most recently, Reuters said both parties agreed on the deal value.
The sale comes as Casino undergoes a €2 billion asset disposal plan following the culmination of a prior sale of €1.5 billion of assets.
In Latin America, the group has been simplifying its operations with the sale of certain assets including Brazilian subsidiary Companhia Brasileira de Distribuição's shares in consumer electronics retailer Via Varejo SA and its reported plan to sell its network of gas stations.