Thailand’s TCC buys Metro supermarket
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Metro said TCC Land International Pte, Ltd, a subsidiary of TCC Holding Company Ltd, has acquired its complete operations in Vietnam for 655 million euros (US$706 million).
In a press release, it said: “This results in a cash inflow of around 400 million euros [$432 million]. The payment has been already made.”
Metro Cash and Carry Vietnam told Viet Nam News that under the new ownership the wholesaler would operate under the old name and management and continue to serve over a million professional customers with the same products and services.
Metro came to Vietnam in 2002 and now has 19 stores around country with more than 3,300 employees.
Over the years it has invested in the local trade infrastructure and food hygiene and safety, and trained more than 20,000 Vietnamese farmers and fishermen, helping them increase their yields and product safety.
In August 2014 Metro announced it had agreed to sell to Berli Jucker (BJC).
But last February BJC’s majority shareholder TCC replaced BJC as the buyer.
BJC, a conglomerate with interests in multiple sectors including retail, will run Metro for TCC.
Questions & Answers
Q.What is the final sale price for Metro's operations in Vietnam?
What is the final sale price for Metro's operations in Vietnam?
TCC Land International acquired Metro's complete operations in Vietnam for 655 million euros, which is equivalent to approximately 706 million US dollars. This was the final agreed purchase price for the business.
Q.Will Metro's stores in Vietnam change their name or management after the acquisition?
Will Metro's stores in Vietnam change their name or management after the acquisition?
No, Metro Cash and Carry Vietnam stated that under the new ownership, the wholesaler will continue to operate under its existing name and with its current management team. Products and services offered will also remain the same.
Q.Why was the buyer changed from Berli Jucker (BJC) to TCC?
Why was the buyer changed from Berli Jucker (BJC) to TCC?
Metro had initially announced an agreement to sell to BJC in August 2014. However, in February of the following year, BJC's majority shareholder, TCC, replaced BJC as the direct buyer of Metro's operations.
Q.How much cash did Metro receive from the sale after all adjustments?
How much cash did Metro receive from the sale after all adjustments?
Metro confirmed that the transaction resulted in a net cash inflow of approximately 400 million euros, which converts to around 432 million US dollars. The payment for the acquisition has already been completed.