French retailing company Carrefour revealed that it has agreed to buy peer Wellcome Taiwan from Hong Kong-based Dairy Farm for 97 million euros ($108.6 million).
The deal involves 224 proximity stores in quality locations as well as a warehouse, including ownership of the real estate and land.
More so, the transaction breakdown includes 199 Wellcome formats and 25 Jasons formats as well as a warehouse. The move, expected to close by the end of 2020 is subject to customary conditions.
On completion of the acquisition, Carrefour will convert the Wellcome stores to the market banner within 12 months. Furthermore, Jasons stores will be converted to a Carrefour premium banner.