Thai group buys giant retailer for an enterprise value of $1.14 billion.
The Casino Group announced on April 29 the closing of the sale of Big C Vietnam to Thailand’s Central Group, for an enterprise value of $1.14 billion.
The proceeds will amount to $1.04 billion in total.
The Central Group is one of the main family-owned conglomerates in Thailand, with interests in real estate, department stores, retail, hospitality and restaurants.
Casino Group has made significant investments for more than 18 years in developing its subsidiary Big C in Vietnam and to create a leading food retailer in Vietnam. Big C Vietnam consists of a network of 43 stores and 30 shopping malls and in 2015 recorded turnover excluding taxes of $665 million.
Big C Vietnam has built strong relationships with Vietnamese suppliers and farmers, customers, employees and local authorities and communities, which allowed the development of modern retail in the country. Japan’s Aeon, Vietnam’s Masan, South Korea’s the Lotte Group, and Thailand’s the Central Group and Berli Jucker all competed to buy Big C Vietnam.
The Central Group, in partnership with the Vietnamese group Nguyen Kim, will continue with the Big C Vietnam strategy regarding the sourcing of goods produced in Vietnam for Big C stores.