French retail giant Carrefour has announced that it is selling its Colombian assets to Chile's Cencosud for US$2.6bn.
The move is part of a major restructuring plan instigated by new CEO Georges Plassat, as the company seeks to reduce costs and debt by exiting non-core markets.
A statement from the retailer said: 'This transaction is in line with Carrefour's new strategy of focusing on geographies and countries in which it holds or aims to develop a leading position.'
The company's withdrawal from Colombia follows the retailer's recent exits from Greece and Singapore.
For Cencosud, the acquisition gives it a greater presence in Colombia, described by the company's president, Horst Paulmann, as an 'extraordinary market'.
The deal with Carrefour, expected to be completed by the end of the year, will give Cencosud a total of 72 hypermarkets, 16 convenience stores and four cash and carry stores in Colombia.
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