French retail company Casino Group has agreed to sell three warehouses and 567 Leader Price stores in France to German discount supermarket chain Aldi’s subsidiary Aldi France in a deal worth €735 million.

The consideration includes a €35 million earn-out, which will be paid in the case of compliance with operational indicators during a transition period, said the French retailer.

Casino Group said that the transferred Leader Price stores will be developed under the Aldi brand and will benefit from the commercial dynamics of the latter’s French subsidiary. The company will continue to own the Leader Price brand in order to continue to operate it under some conditions agreed with Aldi, in France and also in other countries.

The sale will be undertaken after talking with employee representative bodies and subject to receipt of the authorization of the French Competition Authority, said Casino Group.

  Aldi, Aldi France, Casino Group, France, Retail acquisition news