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DIA To Fully Exit Argentina With Sale Of DIA Argentina

By Reuters News

Nov 5 (Reuters) - Distribuidora Internacional de Alimentacion SA DIDA.MC:

  • TO FULLY EXIT ARGENTINA WITH SALE OF DIA ARGENTINA

  • PURCHASER IS ARGENTINE COMPANY WHICH OPERATES CHANGOMÁS SUPERMARKET CHAIN LOCALLY

  • TO RECEIVE $53.80 MILLION AT CLOSING OF DIA ARGENTINA SALE

  • TO RECEIVE $40 MILLION FROM SHARE SALE, $9 MILLION FROM BRAND LICENSE, $4.80 MILLION FROM CREDITS

  • EXPECTS AN ESTIMATED NEGATIVE ACCOUNTING IMPACT OF EUR 100 MILLION ON ITS CONSOLIDATED INCOME STATEMENT

  • NET PROCEEDS EXPECTED TO BE ALLOCATED TO REINVESTMENT (CAPEX)

  • TO USE PROCEEDS TO ACCELERATE ORGANIC EXPANSION IN SPAIN

  • PARTIES HAVE AGREED TRANSACTION WILL BE COMPLETED ON 12 NOVEMBER

Further company coverage: DIDA.MC

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