2022---casino-wants-to-maximize-the-value-of-its-brazilian-assets-by-separating-exito-from-gpa May 2026

This strategic "unbundling" was a critical step in Casino's multi-year effort to deleverage and simplify its global operations in the face of mounting financial pressure.

—Assaí, GPA, and Éxito—providing the group with multiple monetization options.

: Casino transitioned to a direct 34% stake in Éxito, alongside its existing 41% stake in GPA. Outcome and Evolution This strategic "unbundling" was a critical step in

in Latin America to reduce debt and improve financial clarity.

While the spin-off process began in late 2022, it was formally approved by shareholders in early 2023. This move eventually paved the way for larger divestments: Outcome and Evolution in Latin America to reduce

: Shareholders received Éxito shares in the form of Brazilian Depository Receipts (BDRs) in São Paulo and American Depository Receipts (ADRs) in New York.

Announced in September 2022, the plan involved a capital reduction at GPA to distribute approximately directly to GPA’s shareholders. Announced in September 2022, the plan involved a

Maximizing Value: Casino's Strategic Separation of Éxito and GPA