Carrefour has struck a deal to buy Brazil’s third-largest food retailer Grupo Big from Walmart for €1.1bn (£950m).
The French supermarket giant, which is already the biggest grocer in Brazil, is funding 70% of the transaction in cash. The remaining 30% will come in the form of new Carrefour Brazil shares.
Carrefour said the acquisition would create annual synergies of around €260m (£224.5m) within three years of the deal completing.
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