Dairy Farm’s Wellcome Taiwan is to be acquired by Carrefour in a deal worth $108.2M, subject to regulatory approval.
The deal will see Carrefour acquire approximately 224 grocery stores (Wellcome and Jasons), along with some property assets. The completion of the deal is expected by the end of the year and will see IKEA Taiwan remain under Dairy Farm.
The 199 Wellcome banner stores in the deal will be converted to the Carrefour market format as well as the 25 stores trading under the Jasons banner. Stores under the Wellcome banner typically have an average sales area of 420sq m while the stores under Jasons trade in spaces of around 820sq m.
Carrefour currently operate 137 stores in Taiwan and continue to perform strongly, and this deal is being seen as a way to close the gap to local supermarket operator PX Mart, strengthening its position as the third largest retailer in the market after 7-Eleven and PX Mart.
