French Retailer Casino to Sell Exito Stake for $556 Million
- El Salvador grocer Grupo Calleja agrees to buy out Exito
- Casino has been under pressure to reduce its debt load
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Casino Guichard-Perrachon SA is getting a $556 million cash infusion after Grupo Calleja agreed to buy the troubled French retailer’s stake in Almacenes Exito.
Casino said Monday it will get $400 million for its direct equity interest, while its GPA unit will get $156 million. Casino shares rose as much as 1.4% before reversing gains, while GPA shares rose as much as 17%, the most in two years.