Billionaire Diniz Said to Fund Carrefour Stake in Deal With BofA

Brazilian billionaire Abilio Diniz funded his purchase of shares in French grocery chain Carrefour SA through a financing deal valued at about 750 million euros ($850 million) with Bank of America Corp., people familiar with the matter said.

Diniz’s 525 million-euro acquisition of Carrefour shares, which increased his stake to more than 8 percent of the French company, was fully funded by a structured financing agreement, according to a disclosure to the French regulator last month, which didn’t name the bank involved. Diniz is considering increasing his stake further in the coming months, one of the people said, asking not to be named as the details aren’t public.