Carrefour Italy belongs to NewPrinces. Gs sign returns
The transaction received the approval of the European Commission. Italy's second largest agri-food group by revenues is born
by Enrico Netti
Carrefour Italia passes to NewPrinces. The transaction was approved by the European Commission, which decided not to raise objections to the notified merger and to declare it compatible with the internal market and the European Economic Area (EEA) Agreement, confirming the absence of competition concerns requiring a further phase of investigation.
The sellers are Carrefour Nederland B.V. and Carrefour S.A and thus 100% of the capital of Carrefour Italia is owned by NewPrinces, which continues with its strategic plan of growth and vertical integration with the aim of strengthening its presence in the Italian market and accelerating the convergence between the industrial channel and the distribution network. With the acquisition of Carrefour Italia, NewPrinces becomes the second largest Italian food group in terms of turnover and the first food & beverage operator in terms of employment, with 13 thousand direct operators in Italy and more than 18 thousand worldwide, in addition to a further 11 thousand people involved in ancillary activities provided by external companies.
According to a NewPrinces note, the transaction will generate a significantly positive impact on the Group's consolidated results to 31 December 2025. Preliminary forecasts indicate that the consolidated net profit for the NewPrinces Group will exceed EUR 700m, including the effects of the business combination. Based on the expected net profit at year-end, the Group's equity is expected to exceed 1.1 billion at year-end 2025.
"The completion of this transaction marks a strategic step for our Group," said Angelo Mastrolia, Chairman of NewPrinces Group, in a note. "With the entry of Carrefour Italia, NewPrinces Group reaches an unprecedented size, with consolidated revenues of approximately EUR 7 billion and a capital profile that, by year-end, we expect to exceed EUR 1.1 billion, accompanied by a positive net financial position of between EUR 150 and 200 million on an IFRS 16 basis. These results further reinforce the solidity of our industrial model and confirm the validity of the transactions carried out during the year: from the IPO of Princes Group, to the acquisition of Diageo Operations Italy, to Carrefour Italia, together with the transactions we will complete by 2025, such as the acquisition of Plasmon, generating significant and sustainable value for the entire group. The integration of Carrefour Italia is also a concrete opportunity for us to strengthen a fundamental element of our identity: the relationship between industry and retail. Our history stems from the food industry and we know in depth the needs of those who produce. This is why we are committed to ensuring a fair, transparent and collaborative approach with all suppliers to Carrefour Italia, valuing the work of the supply chains and ensuring stability, fairness and long-term partnerships'.
In the period prior to the closing, Carrefour made a cash injection of approximately 530 million, intended to cover intercompany debts and other minor liabilities as well as an additional cash injection of approximately 245 million, as per the investment plan shared previously for a total of over 775 million of liquidity invested by Carrefour in Carrefour Italia. This liquidity, added to that provided by NewPrinces as per the investment plan, amounting to 200 million, gives Carrefour Italia a positive net financial position of more than 400 million.
