DIA mandates Santander and BBVA to find buyer for Clarel
Distribuidora Internacional de Alimentación (DIA), the Spain-based supermarket group, has mandated Banco Santander [BME: SAN] andBBVA [BME: BBVA] to find a buyer for Clarel, its subsidiary specialising in drugstores, perfumes and personal hygiene, Expansion reported citing financial sources. The chain aims to obtain about EUR 200m with the sale, which is expected to be carried out during 1Q19, the item said.
At the end of 2017, Grupo Dia had 1,251 Clarel stores in Spain and Portugal, according to Dia's last annual financial accounts, the Spanish-language paper said.
In addition to Clarel, Dia mandated PwC to sell its cash & carry business Max Descuento, as reported. Between the two businesses, the group aims to obtain between EUR 200m and EUR 250m, most of it with Clarel. Alongside these sales, the company's new strategic plan, which is expected to be ready by the end of the month, includes the closure of stores, the report said.
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