Shop-goers pick items in a Big C Vietnam outlet. (Photo: www.citypassguide.com)
French retailer Casino Guichard-Perrachon SA, or Casino Group
, has agreed to sell Vietnam’s Big C
grocery chain to Thailand’s Central Group for an enterprise value of one billion euros ($1.1 billion), part of its deleveraging plan.
The proceeds to be received are 920 million euros, the France-based company said in a press release Friday.
Casino Group has been investing for more than 18 years to develop its subsidiary Big C in Vietnam, which consists of a network of 43 stores and 30 shopping malls. The chain posted a turnover excluding taxes 586 million in 2015, according to the release.
Central Group in partnership with Vietnamese group Nguyen Kim will continue the strategy of Big C Vietnam notably regarding sourcing of goods produced in Vietnam for Big C stores, it adds.
Casino Group earlier this year sold control of Thai supermarket chain Big C Supercenter Pcl to billionaire Charoen Sirivadhanabhakdi’s TCC Holding Co. for 3.1 billion euros.
After the disposal of its subsidiaries Big C Thailand and Big C Vietnam, the deleveraging plan of the Group reaches 4.2 billion euros.