Thailand-based TCC Holdings subsidiary TCC Land International has acquired Metro Group’s wholesale operations in Vietnam for US$716.08m.
The sale of the German retailer’s Vietnamese Metro Cash & Carry stores, which includes 19 wholesale stores, will see a cash inflow of around US$437.30m, according to a company statement released 7 January.
“We are convinced that this transaction will create long-term value for both groups,” Metro chairman Olaf Koch said. “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.
“Asia will remain an important growth region for Metro Group and we will continue to invest there in the further development of the Metro Cash & Carry business.”
Metro Group opened its first Cash & Carry wholesale business in Vietnam in 2002, and generated sales of US$706.08m in Vietnam in FY2014/15.