French retailer Casino Group has agreed to offload its subsidiary Vindemia, a major retailer in the Indian Ocean territories – Reunion Island, Mayotte, Madagascar, and Mauritius, to GBH for €219 million as per the latest retail industry news.

Vindemia was established in Reunion Island in 1972. It was acquired gradually by Casino Group between 2001 and 2007.

Currently, Vindemia has a multi-format positioning, operating hypermarkets, supermarkets, convenience, cash and carry, discount and proximity banners, which include Jumbo, Score et Score Express, Sherpa, SNIE, Supercash, SuperMaki, Spar, and Vival. The Casino Group subsidiary is said to have 185 stores with a combined 115,000 square meters of retail space.

The buyer of Vindemia – GBH is a family group, established in 1960, which has developed from the overseas departments and globally. The conglomerate began its activities on industrial activities and later has been engaged in two businesses of automotive distribution and retail.

Following the completion of the sale, the activities of Vindemia will continue and develop within the retail division of GBH.

The closing of the sale will be achieved following consultation with employee representative bodies and based on approval by the French Competition Authority. As per the terms of the agreement, GBH has committed to sell stores to a third party to address potential concerns from the competition authority.

Earlier this month, Casino Group completed the sale of three hypermarkets, four Casino supermarkets, and a Leader Price store to Leclerc members for €39 million. The French retailer also wrapped up the sale of its food services subsidiary R2C to Compass Group.

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  Casino Group, France, GBH, Indian Ocean, Retail acquisition news, Reunion Island, Vindemia