Carrefour SA (CA.FR) said on Thursday it will buy a 17% stake in French online fashion retailer Showroomprive (SRP.FR) from Conforama, a subsidiary of Steinhoff International Holdings N.V.(SNH.JO).
As part of the deal, worth around EUR79 million ($94.5 million), both companies will develop a leading omni-channel offering, said Carrefour.
Alexandre Bompard, Carrefour's chief executive officer, said that the acquisition would allow the French supermarket retailer "to enter the online private sales market and strengthen its offering."
Carrefour added that it will make an additional payment to Conforama should it launch a takeover bid for Showroomprive within eighteen months of the completion of the transaction.
Following the deal, Carrefour will hold 16.86% of the capital and 13.67% of the voting rights in Showroomprive, while its founders will retain 27.17% of the capital and 40.42% of the voting rights.
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(END) Dow Jones Newswires
January 11, 2018 13:10 ET (18:10 GMT)