Diniz's Father, Valentim Diniz, founded the company Pão de Açúcar, which grew into a major retailer, Companhia Brasileira de Distribuiçao. In 2002, Diniz sold a large stake to the French company Casino Group for an estimated $860 million and stepped down as CEO, but remained as chairman. In 2009, in one of the most expensive transactions of the Brazilian Business history, Grupo Pão de Açúcar bought Casas Bahia from Samuel Klein, giving Abilio control of Pão de Açúcar, Casas Bahia, Ponto Frio and Extra Hipermercados. In 2012, Casino Group took control of Grupo Pão de Açúcar and Diniz no longer had operational functions within the group but remained as chairman.