Carrefour finishes Asia exit with Taiwan sale

French supermarket chain Carrefour said Tuesday it had agreed to sell its Taiwanese shops to its partner in the country, Uni-President, thus completing its exit from Asia.

Based on an enterprise value of 2.0 billion euros ($2 billion), Carrefour will book a capital gain of around 900 million euros from the transaction.

Uni-President, a Taiwan-based international food conglomerate that is also the 7-Eleven franchisee in the nation, will become the sole owner of Carrefour Taiwan.

It has a network of 340 stores and 129 shopping malls that employ 15,000 people.

“Carrefour Taiwan will continue using the Carrefour brand in Taiwan in the coming years and will be part of the wide network of Carrefour brand licensees in over 40 countries,” Carrefour said in statement.

In 2021, Carrefour Taiwan generated operating profits of 243 million euros on net sales of 2.5 billion euros.

The sale, subject to approval by Taiwanese regulators, has long been the subject of speculation, with Carrefour acknowledging it was re-evaluating its foreign operations.

Carrefour quit China in 2019, where it had been present since 1995, selling its operations there to the local group for 620 million euros.

The sale of Carrefour Taiwan, which was set up as a joint venture with Uni-President, marks Carrefour’s exit from Asia.

It recently completed the acquisition of Grupo Big in Brazil, strengthening its position in the country and Latin America, which is Carrefour’s other big region besides Europe. — Agence France-Presse