NewPrinces, owned by the Mastrolia family (formerly Newlat, renamed after its acquisition of the English multinational food company Princes), announces that it has signed a binding agreement with Carrefour Nederland BV and Carrefour SA for the acquisition of 100% of the share capital of Carrefour Italia (approximately 1,188 stores throughout Italy) based on an Enterprise Value of approximately €1 billion.

The closing of the transaction is expected by the end of the third quarter of 2025, subject to regulatory approvals and the satisfaction of the conditions precedent set forth in the Agreement.

Angelo Mastrolia , Chairman of NewPrinces Group, stated: “The acquisition of Carrefour Italia represents a key milestone in our Group's growth trajectory. It is the result of a strategy built with discipline, industrial vision, and unwavering commitment over time. With this transaction, we are taking a decisive step toward vertical integration between production and distribution, strengthening our ability to generate value along the entire supply chain. We have chosen to invest decisively in a strategic asset for Italy, with the aim of relaunching a widespread network and maximizing the synergies between retail and industry. Our goal is clear: to build a sustainable, solid, and long-term model capable of delivering tangible benefits to customers, employees, suppliers, and shareholders.”

Under the agreement, at the closing date, the company will acquire 100% of the target's share capital. The enterprise value of the transaction is €1 billion. Taking into account IFRS 16-related items, other extraordinary adjustments of the same nature, and the one-time contribution paid by Carrefour, the equity value is €1.

Carrefour Italia reported revenues of approximately €3.7 billion as of December 31, 2024, with an EBITDA of €115 million. The transaction's EV/EBITDA multiple is approximately 8.7x.

"Despite the significant financial commitment," a statement explains, "the transaction will not have a significant impact on the group's ND/EBITDA ratio. Based on year-end forecasts, the group will continue to improve its cash generation and financial profile in the coming months, also thanks to the contribution of Carrefour Italia."

Following the completion of the acquisition, NewPrinces Group's consolidated revenue will reach approximately €6.9 billion.

As part of the transaction, Carrefour will reinvest €237.5 million in Carrefour Italia as a one-time contribution to support its industrial relaunch and operational continuity. NewPrinces has committed to investing €200 million at closing, earmarked for development, logistics innovation, and brand renewal initiatives. The total planned investments therefore amount to €437.5 million, aimed at enhancing and relaunching the network and strengthening market competitiveness.

NewPrinces Group, the statement continues, considers this transaction to be one of the most significant strategic deals in the European distribution landscape, thanks to the ability to integrate logistics and production chains, as other major international players have already successfully achieved. Through this transaction, NewPrinces will be able to:

• access the final consumer directly, expanding its presence along the value chain;

• optimize synergies between production and distribution, improving logistics efficiency and reducing operating costs;

• enhance the Group's existing brand portfolio within the retail network;

• develop new omnichannel platforms for the sale and delivery of fresh and packaged products;

• strengthen its position in key markets at European level, starting from a solid infrastructure rooted in the Italian territory".