Carrefour said on Tuesday it had agreed to sell its 60 percent controlling stake in its Indonesian supermarket operations to closely held CT Corp for 525 million euros (US$672.78 million).
The sale is the latest in a series of moves by Europe’s largest retailer to retreat from secondary markets as it seeks to cut debt and refocus on its core operations.
CT Corp, a conglomerate with banking and media interests, had said in July that it was in talks to acquire the rest of the supermarket chain, in which it was already a 40 percent stakeholder.
Carrefour Indonesia has about 83 stores across the archipelago, but faces stiff competition from local mini markets.
The world’s No. 2 retailer after Wal-Mart Corp has been reducing its presence elsewhere in Asia, having said it would close its two stores in Singapore and last month selling its Malaysian operations to Aeon, Japan’s No. 1 supermarket operator.
