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

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

—Assaí, GPA, and Éxito—providing the group with multiple monetization options. Announced in September 2022, the plan involved a

: Following the distribution, GPA retained a minority stake of roughly 13% in Éxito for future monetization. : Shareholders received Éxito shares in the form

: Shareholders received Éxito shares in the form of Brazilian Depository Receipts (BDRs) in São Paulo and American Depository Receipts (ADRs) in New York. While the spin-off process began in late 2022,

in Latin America to reduce debt and improve financial clarity.

By mid-2024, as part of a broader debt restructuring, Casino announced it no longer viewed GPA as a strategic holding and was open to selling its remaining shares.

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: