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Carrefour Tries to Sell Its Entire Operation in Argentina, with 700 Stores and 17,000 Employees, in a Deal of Up to US$ 1.5 Billion, as Local Groups Compete for Control and Face Labor and Branding Challenges.
The Carrefour has put its operation in Argentina up for sale and is seeking a buyer for approximately 700 stores, in a deal estimated between US$ 800 million and US$ 1.5 billion.
The process, led by Deutsche Bank, anticipates the continuation of activities until a new owner is chosen and involves about 17,000 employees distributed across the country.
The French company states that the decision is part of a global restructuring focusing on markets considered more stable, such as Brazil, France, and Spain.
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Value and Scope of the Negotiation
The chain intends to transfer to the future owner the management of the units in different formats, from hypermarkets to proximity retail.
Although initial valuations reached US$ 2 billion, insiders close to the process are currently working with a smaller range, aligned with the offers received in the non-binding stage.
Nevertheless, this is one of the largest transactions in the Argentine retail sector in recent years.
Main Interested Parties in the Purchase
The race has attracted local groups with significant presence in the sector.
Among the interested parties are Coto, owned by businessman Alfredo Coto; Changomás, led by Francisco de Narváez; and La Anónima, from the Braun family.
There are also discussions involving consortia and business alliances.
One of the fronts mentioned in the market includes Newsan, led by Rubén Cherñajovsky, and partners connected to the owners of the Havanna chain.
In parallel, associations of Chinese supermarkets have expressed interest specifically in the Express convenience format, a strategy that would allow for increased reach with controlled investment.
Imposed Conditions and Labor Risks
The outline of the sale includes requirements that influence the appetite of the candidates.
In addition to taking on the operation and its payroll of 17,000 employees, the buyer will need to inherit the existing labor risks.
Another sensitive point is the inability to maintain the use of the Carrefour brand after the completion of the transaction, a condition established by the French group.
These restrictions increase the need for cash, legal structure, and people management, reducing the number of competitors effectively qualified to move forward to the final stages.
Stores Remain Open During the Process
As the process runs, the stores remain open and operating normally.
The company has stated that there are no immediate plans to close any units and that supply and customer service will be maintained until the transfer of management.
In practice, the decision preserves revenue and value of the asset for sale, while reducing uncertainties for suppliers and workers during the transition.
Global Strategy and Focus on Stable Markets
The sale in Argentina is part of a global reorganization announced by the parent company, which seeks to concentrate capital where regulatory and consumption predictability is higher.
According to the company, the priority lies on Brazil, France, and Spain, markets where the group sees scale, synergies, and more attractive margins.
The choice to divest does not imply an immediate interruption in the neighboring country, but signals a change in resource allocation in the medium term.
Argentine Economic Context
The Argentine retail sector is going through a period of weakened demand and rising costs.
Amid economic adjustments and recent volatility, multinationals have been reassessing profitability and country risk, a movement that helps contextualize the sale decision.
Industry analysts point out that the combination of weaker consumption, high past inflation, and logistical challenges creates a challenging environment for large chains, especially those with strong exposure to hypermarkets and large-format stores.
Still, local operators assess that, with a portfolio redesign and focus on proximity, there is room for efficiency gains.
Next Steps in the Negotiation
The Deutsche Bank is conducting the screening of proposals and the due diligence phase with qualified interested parties.
The expectation circulated in the market was for the announcement of the buyer between September and early October 2025.
However, proposals are still under review and the timeline may undergo adjustments depending on financial conditions and negotiations regarding liabilities.
Until then, the operation remains under Carrefour’s management, with preserved flow and no change in routine for consumers.
Challenges and Opportunities for the New Owner
For the new owner, the first test will be integrating teams and redesigning stores while maintaining service and price competitiveness.
Next, the task of rebranding will follow, as the current brand cannot be used.
On the other hand, the network’s reach — with national presence and diverse formats — provides a basis for omnichannel strategies and convenience expansion.
The final equation will depend on the buyer’s ability to balance labor costs, renegotiate contracts, and adjust the product mix to local consumption.
Impact on Customers and Workers
In the short term, little is expected to change in the daily lives of those who shop or work in the stores.
The promise is of operational continuity until the new owner is defined.
Any changes in layout, assortment, or visual identity are likely to occur after the contract is signed and the transition period.
Workers are at the center of the process: any solution will need to address relocation, training, and potential agreements, as the scale of the workforce is one of the key factors determining the business’s value.
In a scenario of fierce competition and assets spread across almost the entire country, who will be able to gather capital, management, and a brand strategy capable of absorbing 700 stores and 17,000 contracts without losing momentum along the way?
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