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Carrefour : announces a strategic partnership with showroomprive and acquires a c. 17% stake in the company

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01/11/2018 | 06:34 pm

Carrefour, one of the global leaders in food retail, and Showroomprivé, Europe's second-largest online private sales player, announced today the signing of a strategic agreement. In order to seal this partnership, Carrefour will acquire c. 17% of the share capital of Showroomprivé from Conforama, a subsidiary of the Steinhoff group.

This partnership is part of the two groups' strategy of developing a leading omni-channel offering, and will notably cover such aspects as commercial, marketing, logistics and data.

Alexandre Bompard, CEO of Carrefour, declared: 'This partnership is a new step in the acceleration of our digital strategy, in an omni-channel approach. It also allows Carrefour to enter the online private sales market and strengthen its offering. I am convinced of the quality of Showroomprivé's management and the strong potential resulting from the operational cooperation between our two groups.'

Thierry Petit and David Dayan, Co-Founders of Showroomprivé, added: 'We are pleased with this partnership with Carrefour. It allows us to enter a new stage after the agreement with Conforama, in partnership with one of the world's leading retailers. It allows us to continue building our omni-channel offering and opens up unprecedented opportunities.'

Carrefour's equity investment in Showroomprivé will take the form of an off-market acquisition of the block of shares owned by Conforama at price of 13.5 euros per share, for a total amount of c. 79 million euros.
An additional payment will be made by Carrefour to Conforama should Carrefour launch a takeover bid for Showroomprivé within eighteen months of the completion of the transaction. This additional payment will be equal to the difference between the offer price per share made by Carrefour and the acquisition price (13.5 euros), multiplied by the number of shares sold by Conforama.

Upon completion of the transaction, Carrefour will replace Conforama in the current shareholders' agreement between the founders of Showroomprivé and Conforama, under an agreement whose
main terms1 are identical to the existing pact between the founders and Conforama / Steinhoff. The founders will retain 27.17% of the capital and 40.42% of the voting rights. Carrefour will hold 16.86% of the capital and 13.67% of the voting rights.

This transaction is subject to the obtaining of a waiver by the Autorité des Marchés Financiers exempting Carrefour from the obligation of launching a public offer.

Download the press release of the 2018 01 11 (pdf 613.03 KB)

Carrefour SA published this content on 11 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 January 2018 17:34:06 UTC.

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