News to Investors
Grupo Éxito would like to inform that Casino Group announced yesterday its interest in studying a project to create a platform to combine the e-commerce businesses of its subsidiaries worldwide by a listing of the combined entity on the U.S. stock market. Accordingly, Casino has extended an invitation to Éxito to join the project as well as to further develop Cdiscount in other LatAm countries.
This transaction would create a major ecommerce pure-player, through a listed entity, with total business volumes of $4.1bn in 2013 from operations in France, Brazil, Thailand and Vietnam. From its stake in the entity, Grupo Éxito would benefit to accelerate and strengthening its Omni-channel strategy. We at Grupo Éxito are pleased to make part of a global e-commerce business with high potential, in which Casino has performed as leader.
The conditions of the transaction are still pending to be agreed between parties as well as validation is required by the Board of Directors, the Audit Committee and the Committee of Conflict of Interest to comply with the Company´s Corporate Governance guidelines. Once the terms of the transaction are defined and approvals from Éxito obtained, further information about this transaction will be disclosed to the market.