The deal, announced on Wednesday, will open outlets across eight Central and West African countries.
The destinations include the Democratic Republic of Congo, Cameroon, Congo, Côte d'Ivoire, Ghana, Gabon, Senegal and Nigeria.
"As the world's second-largest retailer with a presence in over 30 countries, Carrefour will contribute its expertise as a multi-format retailer as well as the strength of its banner. CFAO, with its longstanding local presence in Africa, will bring its thorough knowledge of these markets and a deep understanding of consumer habits to the venture," Carrefour said.
The new venture will be owned at 55 percent by CFAO and 45 percent by Carrefour.
Their first project will be a shopping centre in Côte d'Ivoire, due to open in 2015, according to Japan's Kyodo News.
The venture is reportedly targeting revenues of over 1 billion euros by 2023.
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