Carrefour Argentina Sale Nears Completion: GDN Emerges as Frontrunner
The sale of Carrefour’s operations in Argentina is approaching a potential close, with GDN currently positioned as the favored bidder, according to sources familiar with the negotiations. Deutsche Bank has been mandated to oversee the sale of the company’s Argentine assets. The deadline for final offers from the remaining contenders expired at 5:00 p.m. new York time on Tuesday.
Initially, four companies expressed interest, but Cencosud – owner of Jumbo, Disco, and Vea – withdrew, citing “a very attractive investment potential to privilege over this opportunity.” The remaining bidders entering the due diligence phase were Stump,the family-owned business; Flap Realty,a US-based firm managing The English Store in Uruguay; and GDN. While other competitors reportedly considered acquiring only select assets and discontinuing the Carrefour brand in argentina,GDN’s plan is to integrate both the Changomas and Carrefour chains under the Carrefour banner,effectively phasing out the Changomas brand.
GDN currently manages Changomas, which incorporates the Walmart operations acquired after the American multinational’s withdrawal from Argentina in 2020. The acquisition would position GDN as the leading supermarket chain in Argentina, with a combined total of 802 branches (93 Changomas and 709 Carrefour) and nearly 30,000 employees.
Despite the sale signifying a withdrawal of direct French operation, the Carrefour brand will continue to operate in Argentina across its four existing formats: hypermarkets, supermarkets, Maxi, and Express.
This divestment is part of a broader global review of Carrefour’s businesses, initiated in February, with the aim of streamlining its portfolio.The company intends to concentrate its strategy on France,Spain,and Brazil,where it reported “a clear acceleration in the first half of 2025.” Similar reviews are underway in Romania, Belgium, and Poland, where Carrefour also operates directly. The sale in Italy to NewPrinces Group was completed mid-year.
The company reportedly prefers to sell its entire package of assets in Argentina, rather than in parts. A timeline for the final closing of the sale has not been publicly announced.
