In 2022, the French retail giant launched a significant reorganization of its Latin American assets. The centerpiece of this strategy was the separation of the Colombian subsidiary Almacenes Éxito from the Brazilian retailer Companhia Brasileira de Distribuição (GPA) . Why the Separation?
: Casino transitioned to a direct 34% stake in Éxito, alongside its existing 41% stake in GPA. Outcome and Evolution
Announced in September 2022, the plan involved a capital reduction at GPA to distribute approximately directly to GPA’s shareholders.
by allowing Éxito to be valued independently by the market. The Mechanics of the Spin-Off
: Following the distribution, GPA retained a minority stake of roughly 13% in Éxito for future monetization.
This strategic "unbundling" was a critical step in Casino's multi-year effort to deleverage and simplify its global operations in the face of mounting financial pressure.
In early 2024, both Casino and GPA sold their combined stakes in Éxito to the El Salvador-based for approximately $550 million .
—Assaí, GPA, and Éxito—providing the group with multiple monetization options.