Metro Group has completed the sale of its Vietnamese Cash & Carry business to Thailand-based company TCC LandInternational, a subsidiary of TCC Holding Co.
TCC has acquired the group’s complete Cash & Carry operation in Vietnam, including all 19 wholesale stores and the related real estate portfolio, for an enterprise value of €655 million.
The deal has resulted in a cash inflow for Metro of around €400 million, which will be part of its income statement for Q1 2015/16.
"I’m pleased that Metro Group and TCC have successfully completed the transaction. We are convinced that this transaction will create long term value for both groups," commented the chairman of Metro’s management board, Olaf Koch.
He added, "We are confident that the success story of Metro Cash & Carry Vietnam will continue under the experienced hands of TCC and that their extensive businesses in the region will support its further growth."
He also said that Asia would continue to be an important growth region for Metro and that it would continue to invest in its Cash & Carry business there.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Jenny Whelan. To subscribe to ESM: The European Supermarket Magazine, click here.
