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ZAANDAM, The Netherlands - Ahold today announced it has sold its Brazilian retail chain Bompreco to Wal-Mart Stores Inc. Simultaneously, Ahold sold its Brazilian credit card operation Hipercard to Unibanco S.A. The combined enterprise value of these operations amounts to approximately $500 million. The joint transaction is expected to close in the course of today, Ahold said.
Bompreco is a food retailer with 118 hypermarkets and supermarkets with a leading position in Northeastern Brazil. Wal-Mart Stores Inc. has operated stores in Brazil since May 1995. Operating under different banners, the company's stores and clubs are located in the states of Sao Paulo, Parana, Rio de Janeiro and Minais Gerais. With sales of BRL1.9 billion in 2003, Wal-Mart Brazil has approximately 7,000 employees.
Hipercard is the leading credit card in Northeastern Brazil with more than 2 million cardholders. Unibanco, the third largest private-sector Brazilian financial group, focuses on retail and wholesale banking, and insurance and pensions and wealth management.
G. Barbosa, Ahold's other Brazilian retail operation with 32 stores that was acquired by Ahold in January 2002, is not included in the transaction.