PARIS (Agefi-Dow Jones)–The retail group Casino announced on Tuesday that it has finalized the sale of a majority stake in its subsidiary GreenYellow to the private equity firm Ardian.
“The proceeds of this sale for the Casino group, after deducting the reinvestment of 165 million euros (15% stake), amounts to 600 million euros,” the group said in a press release.
Casino said it received 250 million euros on Tuesday, of which 30 million euros were paid into an escrow account and will be released subject to compliance with operational indicators.
He had already received the remaining part – 350 million euros – last month under a pre-financing agreement concluded with Farallon Capital.
Created in 2007, GreenYellow installs photovoltaic panels on industrial and tertiary buildings. The company also provides energy efficiency services to businesses. In 2021, it recorded a gross operating surplus (Ebitda) of 80 million euros.
The sale agreement concluded at the end of July between its shareholders (Casino, Tikehau Capital and Bpifrance) and Ardian shows an enterprise value of 1.4 billion euros, and an equity value of 1.1 billion euros, said Casino.
-Francois Schott, Agefi-Dow Jones; 01 41 27 47 92; [email protected] ed: LBO
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October 18, 2022 12:55 ET (16:55 GMT)