TCC Land International Pte acquires wholesale chain of 19 outlets and associated real estate.
Metro Group has announced it has completed the sale of its Metro Cash & Carry business in Vietnam to TCC Land International Pte, a subsidiary of TCC Holding Co. Ltd.
TCC will acquire the entire wholesale operation in Vietnam, including 19 outlets and related real estate valued at a total of $706.2 million.
After the acquisition TCC will retain the Metro Cash & Carry name, its development goals, and its products and services, to meet the needs of more than 1 million professional customers.
“I’m pleased that Metro Group and TCC have successfully completed the transaction,” said Chairman of the Management Board of Metro Group, Mr. Olaf Koch. “We are convinced that this transaction will create long-term value for both groups.”
Metro Group arrived in Vietnam in 2002 and has 19 wholesale outlets around the country, employing more than 3,300 staff. Metro Cash & Carry Vietnam generated sales of $546.6 million in financial year 2014-2015.
In August 2014 the Metro Group announced an agreement with Berli Jucker Public Company Limited (BJC) to sell the Vietnamese wholesale business. In February 2015, however, BJC’s majority shareholder, TCC, replaced it in the deal.