Carrefour and CT Corp Reorganize their Partnership in Indonesia
Boulogne-Billancourt, - - Continuing its strategy of refocusing on its core activities, Carrefour Group announces today the sale of its 60% stake in Carrefour Indonesia to its local partner, CT Corp, which thus becomes Carrefour’s exclusive franchisee in the country. The transaction is valued at €525 million.
Present in Indonesia since 1998, Carrefour is the third largest retailer in the country with 84 outlets (including 70 hypermarkets) and net sales of €1 billion in 2011. Following the partnership agreement concluded in April 2010, Carrefour owned 60% of Carrefour Indonesia and CT Corp owned the remaining 40%.
Under the agreement signed today, CT Corp takes full control of these activities and becomes Carrefour’s exclusive franchisee in Indonesia. Carrefour expresses its full confidence in CT Corp’s ability to continue to successfully develop the brand and strengthen its position in the Indonesian market.
The closing of the transaction will take place in January 2013, subject to the approval of the Indonesian anti-trust authorities.
The Carrefour Group is the largest retailer in Europe, and the second largest worldwide, with more than 9,900 stores under banner in 30 countries and 412,000 employees. For over fifty years, Carrefour has been a partner in the day‐to‐day lives of more than 25 million customers in Europe, Asia and Latin America. The Group combines different store formats ‐ hypermarkets, supermarkets, convenience stores and cash & carry outlets ‐ constantly adapting to its customers’ consumption patterns, and offering the lowest prices on a large range of products and services. With more than 3 billion cash transactions per year, the Group, through its activities, has an economic, social and environmental responsibility and is committed to the quality of its products and the safety of its customers.
About CT Corp
Founded in 1987 by Chairul Tanjung, CT Corp principally operates in three sectors in Indonesia: financial services, natural resource management, and media and personal services including food distribution with Carrefour Indonesia. The Group generated €2 billion in sales in 2011, manages over €6 billion in assets and employs more than 70,000 people.
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