Casino, Credit Mutuel to Sell Payment Provider to BNP Paribas for EUR258 Million

By Joshua Kirby

French grocer Casino Guichard-Perrachon SA and bank BNP Paribas SA said Tuesday that they have signed an agreement for the acquisition of payment-services provider FLOA by the bank.

BNP Paribas will acquire FLOA for a total 258 million euros ($304.5 million), the companies said in a joint release with bank Credit Mutuel. FLOA is a subsidiary of Casino and Credit Mutuel Alliance Federale. The two companies will each receive EUR129 million.

The agreement also involves a long-term strategic and commercial partnership between BNP Paribas and Casino, the companies said, with the bank to provide consumer-credit products for Casino customers.

The transaction is expected to go ahead in the coming quarters, subject to regulatory approvals and employee consultations, the companies said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

July 27, 2021 12:57 ET (16:57 GMT)

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