TAIPEI (The China Post) — Carrefour SA said Tuesday they have agreed to buy Wellcome Taiwan from Dairy Farm International Holdings Ltd. to accelerate its expansion.
The deal includes 224 proximity stores as well as a warehouse and its overall enterprise value is EUR97 million (US$107.9 million), the supermarket group said.
The company expects the transaction to close by the end of the year and its plans for the stores include cost-structure optimization and rebranding.
Wellcome Taiwan had net sales of around EUR390 million in 2019, according to Carrefour.
The French company said it currently owns 137 stores in Taiwan, where it generated net sales of EUR1.97 billion, earnings before interest, taxes, depreciation and amortization of EUR209 million and recurring operating income of EUR83 million in 2019.