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EY assisted Carrefour in the acquisition of Cora's activities in Romania

EY assisted Carrefour in the acquisition of Cora's activities in Romania

This is the most notable transaction in the Romanian food retail market in recent years

Carrefour announces the signing of an agreement with Louis Delhaize Group for the acquisition of its Romanian operations, including 10 Cora hypermarkets and 8 Cora Urban stores, as well as nearly 2,400 employees. This is the most notable transaction in the Romanian food retail market in recent years.

The transaction is notably subject to the approval of the relevant competition authorities and is expected to be completed by the end of 2023.

EY Strategy and Transactions team provided Carrefour with financial, tax and human resources due diligence services, financial and tax advisory on the sale and purchase agreement and assistance on tax structuring issues.

The Romanian team providing transaction advisory services on behalf of EY was coordinated by Liliana Busoiu, Alexandra Brinzan and Alexandru Ontica for the financial assistance, Miruna Enache, Cristina Clujescu, Costin Manta, Claudia Sofianu and Horatiu Cocheci for taxation and human resources assistance. The EY France team, which was in charge of coordination and relations with the Carrefour Group teams, was led by Jean-Daniel Oltz for financial aspects and Cedric Devouges for tax aspects.

About EY Romania

EY is one of the world's leading professional services firms with 365,399 employees in more than 700 offices across 150 countries, and revenues of approx. $45,4 billion in the financial year that ended on 30 June 2022. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 900 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

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