The company said the transaction represents the realisation of its strategic plan for growth and vertical integration, strengthening NewPrinces’ presence across Italy and bringing production and distribution closer together.
The deal means that the group becomes the second-largest agri-food operator in Italy by revenue and the largest employer in the food and beverage sector.
It boasts 13,000 direct employees in Italy, over 18,000 globally, and a further 11,000 people involved through external partners.
The deal includes a network of more than 1,000 stores across Italy, which the company said will provide a strategic foundation to consolidate its commercial presence.
The future strategy for the newly named Princes Retail also includes the gradual relaunch of the GS Italian supermarket brand, with a new market positioning and phased expansion plan.
The news comes as its UK arm, Princes Group, recently revealed it was on the acquisition trail following its listing on the London Stock Exchange.
Angelo Mastrolia, chairman of NewPrinces Group, said: “The completion of this transaction marks a strategic milestone for our Group. With the addition of Carrefour Italia, NewPrinces Group reaches an unprecedented scale, with consolidated revenues of approximately €7 billion and a shareholder’s equity figure that we expect to exceed €1.1 billion by year-end, accompanied by a positive net financial position between €150 and €200 million on an ex-IFRS 16 basis.
“These results further strengthen the solidity of our industrial model and confirm the validity of the transactions completed during the year: from the IPO of Princes Group to the acquisition of Diageo Operations Italy and Carrefour Italia, together with the transactions we will complete by 2025, such as the acquisition of Plasmon, generating significant and sustainable value for the entire Group.
“The integration of Carrefour Italia also represents a concrete opportunity for us to strengthen a fundamental element of our identity: the relationship between industry and retail.”
The transaction has been approved by the European Commission, which decided not to raise any objections.
