Carmila S.A. (ENXTPA:CARM) signed an agreement to acquire a 93% stake in Galimmo SCA (ENXTPA:GALIM) for approximately €270 million on July 12, 2023. The consideration will be based on €9.1 cash per share. The transaction will be fully financed in cash.

Carmila will file a mandatory tender offer on the remaining Galimmo shares. The acquisition of Galimmo will be completed simultaneously with the acquisition of Cora France by Carrefour. The transaction is subject to all the related anti-trust and regulatory approvals.

The closing of the transaction is expected to occur in the summer of 2024. The transaction will be immediately accretive for Carmila’s shareholders both on an EPRA Earnings per share and an EPRA Net Disposal Value per share basis.