Transaction marks the last stage of the company’s asset sales plan, which began in 2023; most were sold to Ultra
A GPA (Companhia Brasileira de Distribuição), formerly Grupo Pão de Açúcar, announced on Wednesday (June 26, 2024) the sale of 71 gas stations for approximately R$200 million. Read the full of the statement released to the market (PDF – 122 kB).
Of the total, 48 stations located in São Paulo were sold to the Ultra Group. The others, in 8 states, had other undisclosed buyers.
“Until the effective transfer to buyers, the operating stations will remain operated by GPA, including with regard to the appropriation of the results generated by the respective operations”says the company’s relevant fact.
The retailer expects to receive R$138 million by the end of 2024, subject to approval by Cade (Administrative Council for Economic Defense). The remaining installments of R$62 million should be paid after the completion of the transfer of all stations to buyers.
Ultrapar stated that it paid R$130 million for the GPA stations, in a contract signed by its subsidiary Centro de Conveniências Millennium.
UNDERSTAND
The sale marks the last stage of the asset sales plan initiated in 2023 by GPA.
The objective is to reduce net debt and strengthen the capital structure, according to a note signed by the company’s Vice President of Finance and Director of Investor Relations, Rafael Russowsky.
The transaction was advised by Bradesco BBI. According to the Investing.comthe bank has a positive view on the divestment of non-core assets, as GPA will focus its management strength and attention on the food retail business.
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