Victory Chain Owner Seeks to Merge Carrefour Brand, Expand to 210 Stores
Translated & summarized from Mako by baba
Eyal Ravid, owner of the Victory supermarket chain, plans to acquire a 30% stake in Carrefour Israel and merge the two chains into a single entity of 210 stores. The Competition Authority is reviewing the proposal, which could lead to conditions like selling off overlapping branches. The merger aims to create one of Israel's largest food retailers, with Electra Consumer Products also selling a portion of its stake.
The story in 5 lines · by baba
- Victory chain owner Eyal Ravid seeks to merge Carrefour into his chain, creating 210 stores.
- The Competition Authority must approve the merger, potentially with significant conditions.
- Ravid's plan includes acquiring a 30% stake in Carrefour Israel's operator, Global Retail.
- Electra Consumer Products will sell part of its stake in Global Retail as part of the IPO.
- The combined chain would become one of Israel's largest food retailers.
Eyal Ravid, the owner and CEO of the Victory supermarket chain, is seeking to acquire a 30% stake in Global Retail, the operator of Carrefour in Israel. This move is part of Global Retail's upcoming IPO on the Tel Aviv Stock Exchange. Ravid's plan involves a full merger of Carrefour into Victory, which would create a single chain with approximately 210 branches, significantly expanding Victory's current 67 locations. If approved by the Competition Authority, this merger would make the combined entity one of the largest players in Israel's retail food market.
The proposal requires approval from the Competition Authority, which is expected to impose significant conditions due to existing market concentration. The authority is examining potential impacts on competition, both nationally and in specific areas where Victory and Carrefour branches are geographically close. It is possible that Victory may be required to sell 10 to 16 branches in overlapping locations to another competitor.
Electra Consumer Products, controlled by brothers Miki and Dani Zalkind, plans to sell at least 25% of its 49.9% stake in "France Israel Group," which holds Global Retail. Other major shareholders include Naum Biton, French businessman Simon Pinto, and The Phoenix insurance company.
In the first phase, Victory aims to secure a controlling stake in Global Retail. In the second phase, alongside institutional investors, Victory plans to fully integrate Carrefour, effectively phasing out the French brand in Israel and rebranding its stores under the Victory name. The Competition Authority's decision is anticipated to take several months, potentially complicating the timeline given Carrefour's planned IPO in the coming weeks.
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