Carmila S.A. (ENXTPA:CARM) signed an agreement to acquire a 93% stake in Galimmo SCA (ENXTPA:GALIM) from Louis Delhaize group and others 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. As of October 2, 2023, Carmila successfully placed ?500 million of bonds maturing in October 2028, with a total orderbook of more than ?1.1 billion. The proceeds of the bonds will principally be used to finance the acquisition of Galimmo, the total acquisition price of which is ?294 million. Carmila?s cash position following the settlement of this bond issue will be sufficient to cover the repayment of Carmila?s outstanding bond maturing in September 2024.

Morgan Stanley (NYSE:MS) is acting as financial advisor to Louis Delhaize group. Bertrand Cardi, Christophe Vinsonneau, Forrest Alogna, Thibault Verron, Céline Aubert-Couturier on corporate and M&A aspects, Martin Lebeuf and Maxime Garcia on financing aspects, as well as Vincent Agulhon and Pierre Dabin of Darrois Villey Maillot Brochier acted as legal advisor to Carmila S.A. Chassany Watrelot & Associés and BDGS Associés acted as legal advisor to Carmila S.A. Cleary Gottlieb Steen & Hamilton LLP (France) acted as legal advisor to Louis Delhaize.

Carmila S.A. (ENXTPA:CARM) completed the acquisition of a 93% stake in Galimmo SCA (ENXTPA:GALIM) from Louis Delhaize group and others on July 1, 2024.