(Bloomberg) -- Casino Guichard-Perrachon SA is getting a $556 million cash infusion after Grupo Calleja agreed to buy the troubled French retailer’s stake in Almacenes Exito.

Casino said Monday it will get $400 million for its direct equity interest, while its GPA unit will get $156 million. Casino shares rose as much as 1.4% before reversing gains, while GPA shares rose as much as 17%, the most in two years. 

Exito investors will get 90.53 cents a share in the deal, which values the Colombian grocery store chain at $1.2 billion. The transaction is expected to close around year end. 

The agreement follows months of negotiations and comes two weeks after Casino signed a lock-up agreement with a majority of its secured creditors to restructure the balance sheet. 

Through that deal, the company will get a €1.2 billion ($1.26 billion) equity injection led by by Czech billionaire Daniel Kretinsky and conversion of all of Casino’s unsecured debt and part of its secured debt into equity. The plan envisages a €6.1 billion reduction in the company’s indebtedness and will see majority shareholder and Chairman Jean-Charles Naouri lose control. 

Casino extended the deadline to sign the agreement to Oct. 17. As of Oct. 13, 44% of unsecured financial creditors and 42.7% of the perpetual subordinated noteholders had signed the lock-up, the company said on Friday. 

Colombian billionaire Jaime Gilinski had previously made a bid to acquire Exito.

Read More: Loyalty Hurts Lenders That Bankrolled Casino’s CEO: The Brink

Grupo Calleja operates a chain of more than 100 super markets across El Salvador called Super Selectos, with more than 7,500 employees and another 4,500 suppliers, according to its website.

--With assistance from Giovanna Bellotti Azevedo and Daniel Cancel.

(Updates shares in second paragraph, adds background starting in seventh.)

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