French retailer Casino has sold its stake in Thailand’s Big C Supercentre for €3.1bn (US$3.46bn) to Thai conglomerate TCC Group.
TCC Group will hold a 58.6 per cent stake in Big C, with the French retailer expected to use the funds to pay off debts.
Owned by Thai tycoon Charoen Sirivadhanabhakdi, TCC Group’s acquisition adds the company’s expanding retail portfolio, including Metro Vietnam, which it bought from German parent company Metro AG for US$716.08m.
The acquisition is expected to be finalised by 31 March 2016, and is expected to reduce Casino’s debt by €3.3bn, according to Casino.
Big C’s network across Thailand includes more than 700 stores including 125 hypermarkets, with a turnover of €3.4bn (US$3.8bn) in 2015.