Casino sold 254 million Assai shares or 18.8% of Assai's capital at 16 Brazilian reais each for a total amount of 4.064 billion reais (723.2 million euros), the statement said.

The transaction is expected to close on March 21.

After the sale Casino will retain 11.7% in Assai and will no longer control the company.

Casino also controls Brazilian company Grupo Pao de Acucar and said earlier this month that it would continue selling assets in Latin America this year.

($1 = 0.9394 euros)

(Reporting by Dominique Vidalon, Editing by Benoit Van Overstraeten)