On Tuesday, French retail giant Carrefour said, it had agreed to purchase food retailer Wellcome Taiwan from Asia’s Dairy Farm. The development will position Carrefour as the second biggest player in Taiwan’s convenience stores market.

The deal with an enterprise value of $108.00 million (97 million euros), includes 224 brick-and-mortar stores as well as a warehouse; it is expected to close by the end of this year, said Carrefour in a statement.

In 2019, Wellcome Taiwan had posted net sales of around 390 million euros.

Carrefour currently operates 137 stores in Taiwan, including 69 convenience stores under the Market brand.

PX Mart is Tawiwan’s biggest convenience store operator.

In 2019, Carrefour had posted net sales of nearly 2 billion euros, with EBITDA of 209 million euros and recurring operating income of 83 million euros.

The development, which marks Carrefour’s expansion in Taiwan, also sees the French retailer strategically moving out of China.

($1 = 0.8981 euros)

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