Sonae Sells 25% of Grocer Sonae MC to CVC to Bolster Growth (1)

Portuguese holding company Sonae SGPS SA said it had agreed to sell 24.99% of supermarket chain Sonae MC for 528 million euros ($627 million) to an entity that’s indirectly owned by funds advised by CVC Advisers Co.

“This transaction allows Sonae SGPS to partner with a top-tier investor to support the growth plan of Sonae MC, while retaining a controlling position in a pivotal asset in its portfolio,” the company said Saturday in a regulatory filing.

The sale values Portugal’s biggest supermarket chain, with almost 1,000 company-operated stores, at about 2.4 billion euros, according to Sonae. It also marks ...