Second time is the charm? Dia has closed an agreement with Grupo Trinity for the sale of Beauty by DIA, the company that operates Clarel's business, as the retailer has just communicated to the CNMV. After cancelling the sale of its network of beauty stores to the C2 Private Capital fund at the beginning of last August due to non-compliance with the conditions, the supermarket chain began to study other strategic options, until today, when it has finalized the conditions of the transfer with the Colombian business group.

In total, the transaction announced at the end of 2022 with C2 Private Capital included the transfer of more than a thousand Clarel stores distributed throughout Spain and three distribution centers for 60 million euros. Now, the agreement with Grupo Trinity has been closed for almost 20 million euros less, specifically, for about 42.4 million.

"The price that Dia Retail will receive for the transaction, which may vary depending on certain parameters, would result in an estimated maximum total funds of €42.2 million," the company said. Specifically, DIA Retail will receive a minimum of €11.5 million payable in 2024 and an additional maximum potential of €15 million in 2029. And additionally, a debt receivable of €18.7 million (€15.7 million net of cash) payable in stages (€4.2 million in 2024, €12.3 million in 2027 and €2.2 million in 2029), which would result in estimated maximum total funds of €42.2 million.

The transaction, which is subject to obtaining the relevant authorisation from the competition authorities, is expected to be completed during the first half of 2024. Therefore, it is still pending the fulfilment of certain conditions. It should be recalled that, for the previous operation, Dia received a first approval from the CNMC, but on July 1 it announced the cancellation of the sale due to non-compliance with the conditions precedent.