Casino, Credit Mutuel to Sell Payment Provider to BNP Paribas for EUR258 Million
July 27 2021 - 1:05PM
Dow Jones News
By Joshua Kirby
French grocer Casino Guichard-Perrachon SA and bank BNP Paribas
SA said Tuesday that they have signed an agreement for the
acquisition of payment-services provider FLOA by the bank.
BNP Paribas will acquire FLOA for a total 258 million euros
($304.5 million), the companies said in a joint release with bank
Credit Mutuel. FLOA is a subsidiary of Casino and Credit Mutuel
Alliance Federale. The two companies will each receive EUR129
million.
The agreement also involves a long-term strategic and commercial
partnership between BNP Paribas and Casino, the companies said,
with the bank to provide consumer-credit products for Casino
customers.
The transaction is expected to go ahead in the coming quarters,
subject to regulatory approvals and employee consultations, the
companies said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 27, 2021 12:57 ET (16:57 GMT)
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