Exito Buys Casino Businesses in Uruguay

Grupo Exito has signed an agreement to acquire Grupo Casino’s Disco, Devoto y Geant supermarket businesses in Uruguay for $746m. Casino holds a 62.5% in Disco and Geant, and a 96.5% stake in Devoto. The equity value implies a $926m enterprise value. Ebitda numbers at the target companies were not being disclosed. Exito plans a $1.4bn capital raise to finance the acquisition, with Casino subscribing for an amount equal to the value of the transaction. Barclays advised and JPMorgan advised Exito, while Casino was advised by Rothschild.