Aurelius is exploring a potential acquisition of Carrefour’s Belgian business, as the private equity firm looks to capitalise on carve-out opportunities in the European retail sector, according to a report by L’Echo.

The unit generates annual revenues of approximately €4bn, equivalent to around $4.6bn, underscoring the scale of the potential transaction.

The process remains at an early stage, with limited competition from other bidders, according to reports.

The potential deal forms part of Carrefour’s broader strategy to streamline its operations and focus on core markets, including France, Spain, and Brazil. The French retailer has already divested assets in Italy and Romania, signalling a continued shift towards geographic consolidation.

While no agreement has been reached, the situation highlights private equity’s ongoing interest in complex corporate carve-outs, particularly in sectors undergoing structural transformation.

Aurelius has built a track record in acquiring and restructuring underperforming or non-core assets, positioning it as a potential buyer for the business.

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