LONDON â€" The French retailing giant Carrefour has agreed to sell its Colombian business to the Chilean company Cencosud for 2 billion euros, or $2.6 billion.
Under the terms of the deal, which was announced late on Thursday, Carrefour will unload the Latin American unit, which operates 72 supermarkets and a number of convenience stores. Revenue from the Colombian business, excluding gasoline sales, totaled 1.5 billion euros in the 12-month period ending June 30.
Carrefour, the world's second-largest retailer after Wal-Mart Stores, said the deal was part of the company's strategy to focus on regions where it could develop a market-leading position. The French retailer has announced layoffs and reductions in its international operations in an effort to cut costs and repay debt.
The company has been hit by a fall in consumer spending in several European countries because of the Continent's financial problems. In response, Carrefour has prioritized its dom estic market and fast-growing regions like Brazil and China for further investment.
The Chilean retailer Cencosud said it had secured a $2.5 billion loan from JPMorgan Chase to finance the acquisition.
The deal for Carrefour's Colombian division is expected to close by the end of the year.
In early afternoon trading in Paris on Friday, Carrefour shares had risen 6.1 percent.
