(Update: details on GreenYellow’s activity and results, reminder of Casino’s disposal plan, share price at closing)
PARIS (Agefi-Dow Jones)–The distributor Casino has mandated several banks with a view to selling GreenYellow, its subsidiary specializing in the production of renewable energies and energy services, Les Echos reported on Friday.
Casino would expect around 1.5 billion euros for this subsidiary, of which it owns 73% and which counts as other shareholders Tikehau Capital and Bpifrance.
The energy companies Engie, TotalEnergies and EDP are studying the file as well as several investment funds including Ardian, KKR, Blackstone and EQT. The first offers are expected within a fortnight, said Les Echos, citing “concordant sources”.
Contacted by the agency Agefi-Dow Jones, spokespersons for Casino and Engie made no comment. A spokesperson for TotalEnergies was not immediately available for comment.
GreenYellow recorded a gross operating surplus (Ebitda) of 80 million euros in 2021, up 30% over one year. The company, which deploys solar power plants on the roofs of stores and also provides energy efficiency services to companies, hopes to reach an Ebitda of around 250 million euros in 2025. Casino had indicated a year ago that he was considering an IPO for his subsidiary, but he wanted to keep control of it.
The group, however, indicated in its annual report for 2021 that it was examining other financing options “with a view to supporting the acceleration of the growth of GreenYellow”.
During the presentation of the group’s results for the first quarter, Casino managers also confirmed that they wanted to complete their asset disposal plan for France by the end of 2023. Since July 2018, the distributor has sold 3. 3 billion euros in assets. He promises to make 1.2 billion euros in additional sales by the end of next year at the latest.
The Casino title ended up 9.85% at 18.06 euros on Friday.
-Francois Schott, Agefi-Dow Jones; +33 (0)1 41 27 47 92; [email protected] ed: ECH
Website: https://www.lesechos.fr/industrie-services/energie-environnement/engie-et-totalenergies-sinteressent-a-la-filiale-denergie-renouvelable-de-casino-1406958
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May 13, 2022 12:54 ET (16:54 GMT)