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($1.18 billion) including debt, strengthening its position in one of its key countries.

The 42 stores being acquired will add to Casino’s 111 stores in Thailand, which operate under the Big C Supercenter Pcl brand. The Saint-Etienne, France-based retailer generates about 6.3 percent of its revenue in Asia, compared to about two- thirds in France, according to data compiled by Bloomberg.

For Carrefour, the sale forms part of a plan to sell its businesses in Thailand, Malaysia and Singapore to focus on China and Indonesia. The Paris-based retailer said today that it didn’t envisage being able to occupy a leading position in the Thai market in the medium or long-term.

The price corresponds to 120 percent of the net sales of the business and a multiple of 13 times earnings before interest, tax, depreciation and amortization, Carrefour said.

“1.2 times net sales seems a relatively high valuation,” said Christopher Hogbin, an analyst at Sanford C. Bernstein in London. “That said, there are clear synergies” of about 30 million euros a year, he said by telephone. Hogbin rates both Carrefour and Casino “market perform”

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To contact the editor responsible for this story: Celeste Perri at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEM7Uyrlt8TpzNjM3ZpC2HjQ_VxiA&url=http://www.bloomberg.com/news/2010-11-15/casino-agrees-to-buy-carrefour-s-supermarkets-in-thailand-for-1-2-billion.html

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